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2010 (7) TMI 991 - AT - Income TaxAllowing rebate for Securities Transaction Tax (STT) under section 88E in a case where an assessee is also exigible to tax u/s 115JB - HELD THAT:- it is clear that the provision of sections 87 and 88A to 88E also apply after the total income is computed u/s 115JB and since the assessee’s total income includes the income from the taxable Securities Transactions, the assessee is entitled to a deduction of the amount equal to the STT paid by him in respect of the taxable Securities Transactions entered into in the course of business during the previous year. The assessee’s appeal is thus allowed and the AO is directed to give rebate u/s 88E for the STT paid by the assessee. In the result the assessee’s appeal is allowed.
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