87A Rebate Allowed on STCG u/s 111A, CPC Denial Quashed: Bangalore ITAT

Advertisement Basty Keshava Shenoy Vs ITO (ITAT Bangalore) Bangalore ITAT : 87A Rebate Available Even on STCG u/s 111A – CPC’s ‘System Driven’ Denial Quashed In another important ruling for AY 2024-25, the Bangalore ITAT held that rebate under section 87A cannot be denied merely because part of the assessee’s income consists of short-term capital gains taxable u/s 111A. The assessee had total income below ₹7 lakh under the new tax regime u/s 115BAC(1A), including STCG on listed shares taxable at special rates. CPC restricted rebate only to tax on normal income and denied reb...