LTCG on Market Linked Debentures Taxable at 20% under Sec 112: ITAT Bangalore 

Advertisement Doraiswami Rajagopalan Vs DCIT (ITAT Bangalore) The issue before the ITAT Bangalore was whether the long-term capital gain (LTCG) arising from the redemption of Market Linked Debentures (MLDs) should be taxed at the concessional rate of 10% under Section 112A of the Income Tax Act, 1961, or at 20% under Section 112, as applied by the Assessing Officer (AO). Brief Facts: The assessee, an individual, earned an LTCG of ₹1,95,850 from the redemption of MLDs during the relevant financial year. The assessee paid tax at 10% on the LTCG, believing it to be covered under Section 112...