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2015 (8) TMI 1 - AT - Income TaxDisallowance of expenses relatable to exempt income by invoking the provisions of section 14A of the Act read with Rule 8D - CIT(A) deleted the addition - Held that:- The provisions of section 14A read with Rule 8D of the Rules will not apply to the shares held as stock in trade. Keeping in view the decision of Hon'ble Supreme Court in the case of CIT vs. Vegetable Products Ltd. (1973 (1) TMI 1 - SUPREME Court ) and as the Hon'ble Karnataka High Court in the case of M/s. CCI Ltd. Vs. JCIT [2012 (4) TMI 282 - KARNATAKA HIGH COURT ] and Hon'ble Kerala High Court in the case of CIT Vs. Leena Ramachandran (2010 (6) TMI 612 - Kerala High Court ), are in favour of the assessee, we decide this issue in favour of the assessee and against the revenue Rebate u/s. 88E - Whether CIT(A) erred in allowing rebate u/s. 88E even though the income is assessed u/s. 115JB? - Held that:- The issue is now settled in favour of assessee that rebate u/s. 88E of the Act will be allowed even though the income is to be assessed u/s. 115JB of the Act. See Commissioner of Income-tax Versus Horizon Capital Ltd. [2011 (10) TMI 489 - KARNATAKA HIGH COURT ] - Decided against revenue.
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