Long-Term Capital Gain Tax Cannot Be Lowered to 20% When 115BAA Is Opted

Maharishi Education Corporation P. Ltd. Vs ITO (ITAT Delhi) The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) in Maharishi Education Corporation Pvt. Ltd. vs ITO addressed the dispute regarding the applicable rate of tax on Long Term Capital Gains (LTCG) under the Income Tax Act, 1961, for the Assessment Year 2021–22. The assessee, a domestic company, had appealed against the order of the Additional/Joint Commissioner of Income Tax (Appeals)-1, Nashik, dated 7 March 2025. The core issue raised was whether the LTCG arising from the sale of land should be taxed at 20% under Section 1...