Reversal of input tax credit in proportion to exempt supply: specificity of show-cause notice required; order set aside, fresh proceedings allowed wit...
Benami transaction and beneficial ownership: documentary and circumstantial evidence show payors were true beneficiaries, resulting in PBPTA consequen...
Eligibility for rebate under section 87A was contested for tax components including shortterm capital gains taxed at special rates, longterm capital gains, and tax on transfer of virtual digital assets. The tribunal found that the statutory language and existing precedents permit rebate against tax on shortterm capital gains taxed under the special rate provision, and directed allowance of the rebate (Rs. 13,320) with recomputation of tax. The tribunal rejected the claim for rebate against tax on income from transfer of virtual digital assets, leaving that element unaffected. The assessee had opted for the new tax regime; a prospective legislative amendment clarified intent but did not alter the outcome for the year in question.
Eligibility for rebate under section 87A was contested for tax components including shortterm capital gains taxed at special rates, longterm capital gains, and tax on transfer of virtual digital assets. The tribunal found that the statutory language and existing precedents permit rebate against tax on shortterm capital gains taxed under the special rate provision, and directed allowance of the rebate (Rs. 13,320) with recomputation of tax. The tribunal rejected the claim for rebate against tax on income from transfer of virtual digital assets, leaving that element unaffected. The assessee had opted for the new tax regime; a prospective legislative amendment clarified intent but did not alter the outcome for the year in question.
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