Tax Dispute on Capital Gains Rate: Writ Dismissed for Alternative Remedy

PCIT Vs SKF India Ltd. (Bombay High Court) The petition before the Bombay High Court was filed under Article 226 of the Constitution of India by the Revenue, challenging the order dated 3 October 2024 passed by the ITAT Special Bench, Mumbai, for Assessment Year 2000–01. The dispute related to the interpretation of Sections 50 and 112 of the Income Tax Act, 1961, specifically concerning the applicable tax rate on capital gains arising from the sale of depreciable assets. The assessee had filed its return declaring capital gains of ₹2.62 crore from the sale of residential flats. These gains...