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2013 (10) TMI 1223 - CALCUTTA HIGH COURTWhether rebate under Section 88E in respect of securities transaction tax is admissible in a case where the income is assessed under the concept of minimum alternative tax under Section 115 JB of the Income Tax Act – Held that:- Reliance has been placed on the Commissioner of Income Tax vs. M/s. Horizon Capital Ltd.[ 2011 (10) TMI 489 - KARNATAKA HIGH COURT], wherein it was held that contention that this benefit is not available to the assessee whose total income is assessed under Section 115JB has no substance - When the total income is assessed and the tax chargeable is computed, it is from that tax which is chargeable, the tax paid under Section 88E is given deduction, by way of rebate, under Section 87 of the Act. This is the legislative intent. That is a promise to give deduction of the tax already paid – Decided against the Revenue.
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