BASTY KESHAVA SHENOY vs INCOME TAX OFFICER

Authority: ITAT Tribunal/Court: Bangalore Date: 2026-05-26 AY: 2024-25 Section: 250, 87A, 115BAC(1A), 111A, 154, 143(1), 112A(6) Acts: Income Tax Act, 1961 Result: Allowed Citation: 626Taxpundit106 Justices: WASEEM AHMED, SOUNDARARAJAN K Appeal No: ITA 3134/BANG/2025
Whether rebate under section 87A of the Income Tax Act is allowable in respect of short-term capital gains taxable under section 111A of the Act for an assessee whose total income does not exceed Rs. 7,00,000 and who has opted for new tax regime under section 115BAC(1A) --- Held Yes, in absence of express statutory prohibition.

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