Approved gratuity fund provisions remain deductible despite general actual-payment requirements, preventing revision of the allowed gratuity deduction...
Verification of intangible software expenditure and duplicated disallowances requires record-based reassessment before depreciation and income computa...
Cash receipt aggregation requires a single transaction, event or occasion; separate partner capital contributions cannot attract cash-receipt penaltie...
The ITAT allowed the appeal, holding that the resident individual assessee, having opted for taxation under section 115BAC(1A) and whose total income for AY 2024-25 did not exceed Rs. 7,00,000, is entitled to rebate under section 87A. It held that neither section 87A nor section 111A contains any express prohibition against allowing rebate on tax payable on STCG taxable under section 111A. The Tribunal noted that denial of rebate by CPC, Bengaluru, was based on system-driven logic without statutory backing. The proposed prospective amendment in Finance Bill 2025 was treated as clarificatory of prior legislative intent.
The ITAT allowed the appeal, holding that the resident individual assessee, having opted for taxation under section 115BAC(1A) and whose total income for AY 2024-25 did not exceed Rs. 7,00,000, is entitled to rebate under section 87A. It held that neither section 87A nor section 111A contains any express prohibition against allowing rebate on tax payable on STCG taxable under section 111A. The Tribunal noted that denial of rebate by CPC, Bengaluru, was based on system-driven logic without statutory backing. The proposed prospective amendment in Finance Bill 2025 was treated as clarificatory of prior legislative intent.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4925 
