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2015 (4) TMI 441 - HC - Income TaxRebate under section 88E - Tribunal allowing the rebate of ₹ 1.01 crores under section 88E against the rebate of ₹ 75.07 lacs allowed by the Assessing Officer - Held that:- When the income from the securities transactions is taxable and offered to tax, the deduction insofar as that sum is concerned or quantum has been granted. We do not think that the Tribunal's order can be interfered with. The Tribunal's view is imminently possible in the backdrop of the facts and circumstances peculiar to the Assessee. In any event by sub-section (3) of section 88E it has been clarified that no deduction under section 88E shall be allowable in, or after, the assessment year beginning on the 1st day of April, 2009 i.e. because a deduction which is contemplated by this provision has been now made admissible elsewhere. In these circumstances, the Appeal raises no substantial question of law. It is dismissed. More so when the Tribunal's order has been given effect to by the Assessing Officer. He has followed his view taken in the assessment year 2006-07, which is also following the Tribunal's order. - Decided against revenue.
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