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2016 (6) TMI 1337 - AT - Income TaxDisallowance u/s 88E - assessee has Short Term Capital Gains (STCG) which is taxable at the rate of 10% and also the fact that rebate u/s 88E was calculated at the average rate of tax which is inclusive of STCG tax also - Held that:- As considered the provisions of section 88E viz-a-viz the claim of the assessee and find that the AO has rightly reduced the rebate under section 88E of the Act by restricting the amount to ₹ 22,33,556/- as against ₹ 38,80,250/- as claimed by the assessee. The methodology of calculation of rebate under section 88E has been provided under sub-section (2) of the said section and therefore there is hardly any room for any deviation or departure from the said formula. In our opinion, the AO has correctly applied the formula as per sub-section (2) of section 88E - in agreement with the opinion of the AO and First Appellate Authority that the assessee has claimed excess rebate to the tune of ₹ 16,46,695/- u/s 88E and accordingly uphold the order of CIT(A) - Decided against assessee.
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