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2010 (9) TMI 641 - ITAT, MUMBAIDisallowance u/s 14A - Rebate u/s 88E - It is noted that the question of making disallowance u/s 14A is no more res integra in view of the recent judgment dated 12.08.2010 of the Hon’ble Bombay High Court in Godrej& Boyce Limited Vs. ACIT (2010 (8) TMI 77 - BOMBAY HIGH COURT) holding that the provisions of section 14A are applicable in such circumstances and the disallowance has to be worked out by the AO on some reasonable basis and not rule 8D Regarding rebate u/s 88E - it is imperative that there should be some liability to pay income-tax on the transactions which suffered STT and then rebate is allowable to the extent of such income-tax liability for an amount maximum of STT paid - Brought forward speculation loss was set off to the tune of Rs.1.92 crore thereby leaving no income in respect of such transactions - It shows that there was no liability to pay any income-tax in the current year on such transactions - Decided against the assessee
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