Section 115E Concessional Rate Inapplicable to INR Saving Account Share Acquisition

Pawan Kumar Agarwal Vs CIT (ITAT Kolkata) Introduction: The case of “Pawan Kumar Agarwal vs CIT” revolves around the applicability of the concessional tax rate under section 115E of the Income-tax Act, 1961. The key issue was whether the rate of 10% on capital gains derived from specified assets, acquired out of convertible foreign exchange, is applicable when the money was deposited in Indian rupees and not in foreign exchange. This analysis delves into the arguments presented, the tribunal’s interpretation, and the outcome of the case. Analysis: In this case, the assessee c...