TaxTMI Login
Just a moment...
Press 'Enter' to add multiple search terms. Rules for Better Search
of 
of 
No Folders have been created
Are you sure you want to delete "My most important" ?
NOTE:
of of 
All Highlights
of of All Highlights
Note
Bookmark
Share
Don't have an account? Register Here
of The ITAT held that a resident individual opting for the new tax regime under section 115BAC(1A) with total income below Rs. 7,00,000 is entitled to claim rebate under section 87A against tax payable on short-term capital gains (STCG) taxable under section 111A. The tribunal found no express statutory prohibition in sections 87A or 111A denying such rebate for the relevant assessment year. The CIT(A)'s denial of rebate was deemed inconsistent with the clear language of the law, and the system-generated rejection by CPC lacked statutory basis. The tribunal directed the AO to allow the rebate under section 87A, recompute the tax liability accordingly, and quash the demand raised by the CPC. The appeal was allowed in favor of the assessee.
TaxTMI 