Specified income of Baddi Barotiwala Nalagarh Development Authority receives conditional tax exemption, retrospectively covering its designated assess...
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Unified Brand India framework introduces voluntary Trust Mark certification and funding support for export branding, packaging and global promotional ...
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Separate assessment orders for different years remain valid when distinct notices and hearing opportunities prevent prejudice from combined proceeding...
The ITAT dismissed the appellant's claim for concessional tax rate of 10% under section 112A on long-term capital gains (LTCG) arising from redemption of Market Linked Debentures. The Tribunal held that while debentures qualify as "securities" under the Securities Contracts (Regulation) Act, 1956, section 112A specifically limits its preferential tax rate to equity shares, units of equity-oriented funds, and units of business trusts. The legislature intentionally excluded debentures from the provision's ambit. Consequently, LTCG from Market Linked Debentures is correctly taxable at 20% under section 112, as applied by the AO/CPC and confirmed by CIT(A)/NFAC.
The ITAT dismissed the appellant's claim for concessional tax rate of 10% under section 112A on long-term capital gains (LTCG) arising from redemption of Market Linked Debentures. The Tribunal held that while debentures qualify as "securities" under the Securities Contracts (Regulation) Act, 1956, section 112A specifically limits its preferential tax rate to equity shares, units of equity-oriented funds, and units of business trusts. The legislature intentionally excluded debentures from the provision's ambit. Consequently, LTCG from Market Linked Debentures is correctly taxable at 20% under section 112, as applied by the AO/CPC and confirmed by CIT(A)/NFAC.
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