Alternative statutory remedy and unexplained delay barred writ review of customs confiscation adjudication, leaving merits for appellate consideration...
Authorised courier due diligence protects against penalties where declared exports conceal prohibited goods despite proper documentation and customs p...
Customs-controlled container movement now extends to DP World facilities, subject to segregation, inspections, reconciliation, and EXIM cargo priority...
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.
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.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4828 
Join Channel 
