2025 (3) TMI 404

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....n confirming the action of the CPC levying the tax on capital gain @ 20% instead of 10%. 3. The necessary facts are that the assessee is an individual and in the year under consideration earned a long-term capital gain (LTCG) of Rs. 1,95,850/- on redemption of Market Linked Debenture. The assessee on the impugned LTCG paid tax @ 10%. 4. The CPC in the intimation under section 143(1) of the Act levied the tax on impugned LTCG @ 20% and raised demand of additional tax liability. The assessee against the intimation order filed rectification application u/s 154 of the Act which was rejected by the CPC. 5. The aggrieved assessee preferred an appeal before the learned CIT(A)/NFAC against the intimation under section 143(1) of the Act. ....

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....concessional rate of tax on capital gain under section 112A of the Act is available where LTCG is arising from the transfer of Shares & Unit of Equity Oriented Funds and not on the LTCG arising from transfer of debentures. 10. Being aggrieved by the order of the learned CIT(A)/NFAC, the assessee is in appeal before the Tribunal. 11. The assessee before me has filed the written submission having 16 pages, reiterating the submissions made before the lower authorities. 12. On the other hand, the learned DR before me vehemently supported the order of the authorities below. 13. I have heard the learned DR and gone through the written submissions filed by the assessee and also perused the materials available on record. The primary que....