The ITAT upheld the CIT(A)'s order allowing the assessee's claim ...

Taxpayer wins exemption u/s 10(34A) & concessional LTCG tax rate; Revenue appeal dismissed.

December 23, 2024

Case Laws Income Tax AT

The ITAT upheld the CIT(A)'s order allowing the assessee's claim for exemption u/s 10(34A) and taxation of Long Term Capital Gains (LTCG) at the special rate u/s 112. The ITAT rejected the AO's disallowance of exemption claimed u/s 10(34A) and treatment of LTCG as income from other sources, denying the benefit of Section 112. The ITAT found no infirmity in the CIT(A)'s well-reasoned order based on facts and law, concluding that the assessee met the conditions for Section 10(34A) exemption and was entitled to the concessional tax rate on LTCG u/s 112. The Revenue's appeal was dismissed on both counts.

View Source

← Previous Next →

The ITAT upheld the CIT(A)'s order allowing the assessee's claim ...

Taxpayer wins exemption u/s 10(34A) & concessional LTCG tax rate; Revenue appeal dismissed.

December 23, 2024

Case Laws Income Tax AT

You may also like:

Concessional rate of tax - CST - Such goods, which were purchased for a particular type of end use, have been sold away to the registered dealer and hence, this...

The Income Tax Appellate Tribunal (ITAT) held that the assessee is entitled to the concessional tax rate of 10% on royalty income u/s 115BBF, as the assessee had...

Rate of service tax increased from 10% to 12%

Exemption u/s 10(38) - LTCG - general insurance business - In the present assessment year the ld AO has himself allowed exemption u/s 10(15)(iv)(h) of the Act in regard...

Levy of IGST - Concessional rate of tax - supply of goods to specified institutions - Is the concessional tax rate of 5% as given under N.No. 47/2017 is applicable only...

This circular clarifies the scope of regularization on an "as is" or "as is, where is" basis mentioned in previous GST circulars issued based on GST Council...

Gratuity exemption u/s Section 10(10)(iii) - exemption limit raised to ₹ 25 lakhs

Once a company validly opts for the concessional tax rate u/s 115BAA for an assessment year, it is not required to exercise the option again for subsequent years, unless...

Rejected damaged paddy is classified under HSN 1006 10 90, not 1006 10 10, as it lacks characteristics of seed quality cereal crop and is unfit for human consumption....

Rejection of concessional rate of tax applicable to sales made in favour of Lakshadweep Administration - In the process of interpretation or application, relevant...

Assessee's claim for exemption u/s 10(35) was rejected by CPC while processing return u/s 143(1)(a), which attained finality as assessee failed to challenge it before...

Denial of benefit of lower 22% tax rate u/s 115BAA due to delay in filing Form 10-IC by petitioner. Petitioner filed return of income in ITR-6 form, exercising option...

Notification extends exemption condition for imports of Yellow Peas (HS 0713 10 10) to bill of lading issued until 31.12.2024. Imposes 20% export duty on Onions (HS 0703...

Tax authority rejected rectification application filed by taxpayer for zero-rated supply citing violation of principles of natural justice. Court examined impugned...

Levy of Surcharge and cess - to be computed over the rate of tax as per DTAA or not - Article 12 read with Article 2 of the tax treaty makes it clear that the rate of...

Quick Updates: