ITO WARD-7(1), SIDDHNATH BHAWAN vs. DEEPAK KALANI, JAIPUR

ITA 336/JPR/2026Status: DisposedITAT Jaipur14 August 2026AY 2024-254 pages
AI SummaryDismissed

What were the facts?

The assessee opted for the tax regime under section 115BAC and claimed a rebate under section 87A on short-term capital gains. The AO disallowed this rebate through a rectification order. The CIT(A) allowed the rebate, leading to an appeal by the Revenue.

What did the Tribunal hold?

The Tribunal held that the rebate under section 87A is allowable on short-term capital gains even under the section 115BAC regime. This decision followed the precedent set by coordinate benches of the Tribunal.

What were the issues?

Whether rebate under section 87A is allowable on short-term capital gains when the assessee opts for the section 115BAC tax regime.

Which sections of the Income-tax Act were involved?

Section 87A,Section 111A,Section 115BAC,Section 154

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, ‘SMC’ BENCH, JAIPUR

Before: Shri T.R. Senthil Kumar & Shri Prakash

PER : PRAKASH, ACCOUNTANT MEMBER:-

1.

This appeal by the Revenue is directed against the order of the learned Additional/Joint Commissioner of Income Tax (Appeals)-7, Mumbai, [hereinafter referred to as “Addl./JCIT(A)”] dated 31.12.2025 for the Assessment Year 2024-25 arising out of the rectification order dated 27.11.2025 passed by the Assessing Officer at the Centralized Processing Centre (hereinafter referred to as “the AO at the CPC”) under section 154 of the Income Tax Act, 1961 (hereinafter referred to as “the Act”).

I.T.A No. 336/JPR/2026 Page No 2 Deepak Kalani

2.

The grounds of appeal raised by the revenue before us in the memorandum of appeal in Form No. 36 read as under:

1.

Whether on the

The order continues below.

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