Section 87A Rebate Applicable on capital gains taxed at special rates: ITAT Chennai

Venkedapathy Venugopal Vs ITO (ITAT Chennai)

The Income Tax Appellate Tribunal (ITAT) Chennai heard an appeal against the denial of a rebate under Section 87A of the Income-tax Act, 1961, for Assessment Year 2024-25. The assessee, an individual, filed a return declaring total income of ₹6,75,940, which included taxable long-term capital gains (LTCG) of ₹4,72,175, and claimed a rebate of ₹25,000 under Section 87A. The Centralized Processing Centre (CPC), Bengaluru, denied the rebate, and the Commissioner of Income Tax (Appeals) upheld this denial, holding that Section 87A was

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