ITO Vs. Kailash Mamodia
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 Addl./JCIT(A) Prayagraj, dated 13.02.2026 under Section 250 of the Income Tax Act, 1961. The grounds raised were whether the Additional Commissioner of Income Tax (Appeals) was justified in allowing the rebate under section 87A of the Act on Short Term Capital Gains (STCG) when such rebate is not available in respect of Income Tax payable on income chargeable to tax on special rates. The assessee, Kailash Mamodia, had filed a return of income declaring total income of Rs.5,97,594/- which included income from salary, STCG, and other sources. The rebate of tax as per section 87A of the Act was claimed amounting to Rs.25,000/-. The return was processed disallowing the tax rebate of Rs.25,000/- claimed under section 87A of the Act.…
Decision in favour of
Assessee
Legal Issues
- 1. Whether the Additional Commissioner of Income Tax (Appeals) was justified in allowing the rebate u/s 87A of the Act on STCG?
Judgment Outcome
Decided in favour of Assessee.
Precedents Relied Upon
6 precedents cited in this judgement.