ITO Vs. Akshat Jain
Parties Involved
Facts Summary
The present appeal has been filed by the Revenue against the order passed by the Office of the Commissioner of Income Tax, Appeal Addl./JCIT(A) Mumbai 09 (hereinafter referred to as “Ld. CIT(A)”), dated 05.02.2026 under Section 250 of the Income Tax Act, 1961 (hereinafter referred to as “the Act”). The grounds raised pertain to the denial of rebate under Section 87A of the Act on taxes paid on short term capital gains. The assessee, Akshat Jain, had filed a return of income declaring total income of Rs.6,77,100/- which included short term capital gain of Rs.4,70,901/-, income from other sources of Rs.2,06,200 and claimed rebate under Section 87A amounting to Rs.25,000/-. The ld. CIT(A) had allowed the rebate, which was denied by the CPC. The appeal was filed to challenge this decision.…
Decision in favour of
Partly Assessee / Partly Revenue
Legal Issues
- 1. Whether the CPC was justified in denying the rebate u/s 87A of the Act on the taxes paid on short term capital gains.
Judgment Outcome
Decided in favour of Partly Assessee / Partly Revenue.
Precedents Relied Upon
7 precedents cited in this judgement.