Imported analyser diagnostic cartridges treated as accessories with analyser system, not standalone diagnostic reagents; extended limitation and penal...
Steel-timber construction shuttering/formwork tariff classification dispute: essential character held steel, classified as shuttering under Heading 73...
Family-linked property purchases using fabricated loan agreements and benami-style arrangements held to be crime proceeds; attachment upheld, appeal d...
ITAT allowed the assessee's appeal, holding that the restriction under s.112A(6) on claiming rebate u/s 87A applies only to Long-Term Equity Capital Gains covered by s.112A(1)(ii), and not to Long-Term Debt Capital Gains, which are governed by s.112. As the assessee's tax on debt LTCG and on other normal income each exceeded the rebate threshold of Rs. 25,000, the assessee was held entitled to the full rebate of Rs. 25,000 u/s 87A. CPC was directed to recompute the tax liability accordingly in line with this interpretation.
ITAT allowed the assessee's appeal, holding that the restriction under s.112A(6) on claiming rebate u/s 87A applies only to Long-Term Equity Capital Gains covered by s.112A(1)(ii), and not to Long-Term Debt Capital Gains, which are governed by s.112. As the assessee's tax on debt LTCG and on other normal income each exceeded the rebate threshold of Rs. 25,000, the assessee was held entitled to the full rebate of Rs. 25,000 u/s 87A. CPC was directed to recompute the tax liability accordingly in line with this interpretation.
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