Attachment and proclamation of sale of immovable property: limitation treated from financial year end; proclamation held within period, petition dismi...
Second Schedule attachment and validity of a post-notice mortgage: TRO cannot declare mortgage void ab initio; sale and appropriation allowed thereaft...
Limitation for final assessment under sections 144C and 153 treated jointly, resulting in quashing of timebarred assessment order and liberty to reviv...
Deductibility of settlement payments for securities law penalties and treatment of unexplained cash credits in share trading -- Tribunal upholds posit...
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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