Re: Appeal – Concessional rate -S.112A.
In an appeal, the Commissioner(Appeals) has allowed the claim of the assessee that his income be taxed at the concessional rate u/s 112A instead of the MMR as was done by the AO. The appeal by the Income tax Department to the Tribunal is pending for disposal. The assessee wishes to settle the dispute under VSVS and seeks your advise about the manner of computing the tax payable by him under the scheme.
The case of the assessee satisfies all the conditions of the scheme . The tax payable under the scheme by the assessee us should be reduced by one-half as per the Proviso to s.3 of the Scheme. In other words the assessee would be entitled to get a further concession in rates to the concessional already granted by the Commissioner(Appeals).
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