VIKAS RAMNATH MANDREKAR,NORTH GOA vs. ITO, WARD 1(1) PANAJI, NORTH GOA

ITA 120/PAN/2026Status: DisposedITAT Panaji29 June 2026AY 2024-254 pages
AI SummaryAllowed

What were the facts?

The assessee claimed rebate under Section 87A on their total income, which included short-term capital gains. The CPC denied the rebate on the portion of tax attributable to short-term capital gains, a decision upheld by the CIT(A).

What did the Tribunal hold?

The Tribunal held that Section 87A of the Income Tax Act does not exclude short-term capital gains from the calculation of total income for rebate purposes. Therefore, the assessee is eligible for the rebate on the entire tax liability.

What were the issues?

Whether rebate under Section 87A is allowable on tax arising from short-term capital gains.

Which sections of the Income-tax Act were involved?

Section 87A

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, PANAJI BENCH, ‘SMC’ PANAJI

Before: DR.MANISH BORAD & SHRI VINAY BHAMORE

For Appellant: Shri Vikas R. Mandrekar
For Respondent: Smt. Rijula Uniyal
Hearing: 10.06.2026Pronounced: 29.06.2026

PER DR. MANISH BORAD, ACCOUNTANT MEMBER :

The captioned appeal at the instance of assessee pertaining to A.Y. 2024-25 is directed against the order dated 17.02.2026 framed by Addl/JCIT(A)-3, Hyderabad arising out of Rectification Order dated 18.11.2025 passed u/s.154 of the Income Tax Act, 1961 (in short ‘the Act’).

2.

The only grievance of the assessee is that ld.CIT(A) erred in confirming the action of CPC denying relief u/s.87A of the Act at Rs.1,840/-.

3.

We have heard the rival submissions and perused the record placed before us. We observe that the assessee is an individual and filed the return of

The order continues below.

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