Topic
ITAT Jaipur held that Section 87A rebate is available on short-term capital gains under the new tax regime, directing AO to allow Rs 25,000 rebate. This lets STCG earners under the new regime claim the rebate, cutting their tax outflow.
ITAT Pune holds that the rebate under Section 87A of the Income Tax Act extends to short-term capital gains (STCG) taxable under Section 111A, even for assessees opting for the new tax regime. The ruling overturns CPC's denial of the full rebate, reinforcing that tax rebates must be applied to all eligible income heads without arbitrary restrictions.
ITAT Ahmedabad rules that an assessee who files Form 10-IE after the due date but before the CPC processes the return under Section 143(1) is still entitled to the new tax regime benefits. This clarifies that substantial compliance, not strict timeliness, governs the opt-in mechanism-protecting taxpayers from automatic disqualification due to administrative delays.