Premier Carbon - Section 87A on STCG
Facts
Resident individual with income only from STCG under Section 111A.
Issue
Whether Section 87A rebate is available against tax on special-rate income?
Held
Section 87A rebate is a "rebate of tax payable" - applies to total tax including special-rate STCG, subject to overall income threshold.
Ratio
Rebate scope debated; section read literally as applying to tax payable on total income.
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