Concession rate benefit u/s. 112 not available on short term capital gain computed u/s. 50: ITAT Mumbai

SKF India Limited Vs DCIT (ITAT Mumbai)

ITAT Mumbai held that assessee is not entitled for concession rate of tax of 20% provided under section 112(1) of the Income Tax Act on the short term capital gain computed under section 50 of the Income Tax Act.

Facts- The assessee has offered capital gain at Rs. 2,62,63,582/-as short term capital gains computed as per section 50 of the Act. Assessee paid the tax on such capital gain at the rate of 20% as prescribed u/s 112 of the Act plus applicable surcharge. In response to the show cause notice by the AO as to why

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