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2010 (1) TMI 919 - AT - Income TaxRebate - Security transaction tax has been paid - Under section 88-E of the Act the assessee is entitled for payment of Income-tax on profit and gains of business or profession arising from taxable security transactions computed in the manner provided in sub-section (2) of an amount equal to security transaction tax paid in respect of taxable security transactions - According to sub section (2) the amount of Income/tax arising from taxable security transactions shall be equal to the amount calculated by applying the average rate of income on which income – Held that:- rebate is to be allowed in the manner given in sub section (2) on average rate of tax, assessing officer directed to allow the rebate under section 88-E in respect of security transaction assessed to tax as per provisions of law after affording the assessee an reasonable opportunity of being heard, appeal filed by the Revenue is partly allowed, for statistical purposes.
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