ITO Vs. Manisha Deepak Jain
Parties Involved
Facts Summary
The present appeal was filed by the Revenue against the order passed by the Office of the Commissioner of Income Tax, Appeal Additional/Joint Commissioner of Income Tax (Appeals) Nagpur. The grounds of appeal questioned the allowance of rebate under section 87A of the Income Tax Act, 1961, on taxes paid on income earned on short-term capital gains. The assessee, Manisha Deepak Jain, had filed a return of income declaring a total income of Rs. 5,38,711/-, which included income from profit and gains from business, short-term capital gains (STCG) under section 111A, and income from other sources. The assessee claimed a rebate under section 87A of Rs. 21,760/-. The Commissioner of Income Tax (Appeals) allowed the rebate, which led to the Revenue's appeal.…
Decision in favour of
Partly Assessee / Partly Revenue
Legal Issues
- 1. Whether the Commissioner of Income Tax (Appeals) was justified in allowing the rebate under section 87A of the Act on taxes paid on income earned on short-term capital gains.
Judgment Outcome
Decided in favour of Partly Assessee / Partly Revenue.
Precedents Relied Upon
9 precedents cited in this judgement.