Revenue authority mandates using scheme-specific reversal procedures, not revising original entries, for instrument-based trade/customs benefits effec...
Transaction value under s.15(1) governs unrelated sales; valuation between related parties per Rule 28; consignment note required for unregistered rec...
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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