Shrey Jain vs. AO
Parties Involved
Facts Summary
Shrey Jain, the appellant, filed an appeal against the order passed by the Office of the Commissioner of Income Tax Appeal, Hyderabad, which denied the rebate under Section 87A of the Income Tax Act, 1961 on the taxes paid on income earned on short term capital gain. The appellant had filed a return of income on 11.07.2024 with a total income of Rs.4,66,480/- comprising of income from salary, income from other sources, and short term capital gain at the rate of 15% of Rs.3,88,713/-. The Commissioner of Income Tax (CPC) denied the rebate of tax claimed by the assessee u/s 87A of the Act, on the taxes paid on income earned on short term capital gain. The appellant filed a rectification application u/s 154 of the Act to the CPC but the same was also dismissed. Aggrieved by the same, the appellant preferred appeal to the Ld. CIT(A) who upheld the dismissal of assessee rectification application by CPC.…
Decision in favour of
Assessee
Legal Issues
- 1. The denial of rebate of tax claimed by the assessee u/s 87A of the Act, on the taxes paid on income earned on short term capital gain.
Judgment Outcome
Decided in favour of Assessee.
Precedents Relied Upon
2 precedents cited in this judgement.