Centralised assessment transfer becomes unwarranted once the searched person's assessment is complete, requiring restoration to the appropriate charge...
Co-operative deduction eligibility excludes refund and commercial-bank interest, while qualifying co-operative investments require entity-wise verific...
Enhanced tax rate on surrendered unexplained income applies prospectively, while cash-deposit telescoping requires verification of available surrender...
A resident individual under the new tax regime was held entitled to rebate under section 87A even though part of the income was short-term capital gains taxed under section 111A, because neither section 87A nor section 111A contained an express exclusion for such income in the relevant assessment year. The Tribunal applied earlier coordinate-bench rulings, reasoning that the new-regime provision governs tax computation while the rebate continues to apply to the tax so computed unless specifically barred by law. As the Revenue showed no change in facts or law and no contrary material, the disallowance of rebate was deleted for AY 2024-25.
A resident individual under the new tax regime was held entitled to rebate under section 87A even though part of the income was short-term capital gains taxed under section 111A, because neither section 87A nor section 111A contained an express exclusion for such income in the relevant assessment year. The Tribunal applied earlier coordinate-bench rulings, reasoning that the new-regime provision governs tax computation while the rebate continues to apply to the tax so computed unless specifically barred by law. As the Revenue showed no change in facts or law and no contrary material, the disallowance of rebate was deleted for AY 2024-25.
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