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2013 (11) TMI 108 - ITAT DELHIRebate u/s 88E – deduction of STT paid from the income tax computed u/s 115JB at book profit - Held that:- Following DCIT vs. M/s. MBL & Co. Ltd. [2011 (4) TMI 1312 - ITAT DELHI] – The assessee is entitled to a deduction of the amount equal to the STT paid by him in respect of the taxable Securities Transactions entered into in the course of business during the previous year – The rebate is to be granted from the amount of income tax chargeable on the total income of the assessee. The income tax is computed after arriving at the total income of the assessee and section 87 of the Income Tax Act, 1961 does not differentiate between the total income computed under the regular provisions of the Act or under section 115JB of the Income Tax Act, 1961 - Rebate u/s 80E available to the assesse – Decided against Revenue.
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