Anant Kumar Shah vs. ITO
Parties Involved
Facts Summary
The assessee, Anant Kumar Shah, filed a revised return of income for the assessment year 2024-25 declaring total income of Rs. 4,65,440/-, which included short-term capital gain on listed equity shares taxable at 15% under section 111A. The assessee opted for taxation under the new regime under section 115BAC(1A). The Commissioner of Income Tax, Bengaluru (CPC) denied the rebate under section 87A of Rs. 23,237/-, resulting in a demand of Rs.15,820/-. The Commissioner of Income Tax (Appeals) upheld the denial. The assessee appealed to the ITAT, Jaipur, challenging the denial of rebate on short-term capital gains.…
Decision in favour of
Partly Assessee / Partly Revenue
Legal Issues
- 1. Whether the assessee is eligible for rebate under section 87A of the Act on the taxes paid on short term capital gain.
Judgment Outcome
Decided in favour of Partly Assessee / Partly Revenue.
Precedents Relied Upon
5 precedents cited in this judgement.