Reopening Assessments invalid where satisfaction and jurisdictional approval are absent for third party seized material, leading to quashing of assess...
Benami property exclusion from the insolvency estate: Benami Act proceedings preclude IBC tribunals from reopening attachments or treating such assets...
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Section 87A rebate was held to depend on the rate of taxation, not merely the head of income. In a mixed-income case under the new tax regime, the Tribunal found that tax on capital gains chargeable at special rates is computed separately and the rebate cannot be set off against that component. The rebate was therefore confined to the tax attributable to income chargeable at normal rates, including business income and income from other sources. The appeal was partly allowed, and rebate under section 87A was denied against tax on special-rate capital gains.
Section 87A rebate was held to depend on the rate of taxation, not merely the head of income. In a mixed-income case under the new tax regime, the Tribunal found that tax on capital gains chargeable at special rates is computed separately and the rebate cannot be set off against that component. The rebate was therefore confined to the tax attributable to income chargeable at normal rates, including business income and income from other sources. The appeal was partly allowed, and rebate under section 87A was denied against tax on special-rate capital gains.
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