9911796707
TMI Blog2013 (11) TMI 3X X X X Extracts X X X X X X X X Extracts X X X X ..... and in law, the Ld. CIT(A) erred in allowing Rebate u/s. 88E while computing tax liability under the MAT provision and in making the comparison between the tax determined under the normal provision of the I.T. Act and provision u/s. 115JB for the purpose of determining applicability of the provisions of section 115JB on gross before allowing Rebate u/s. 88E of the Income Tax Act, 1961. 2. On the facts and in the circumstances of the case and in law, the impugned order of the Ld. CIT(A) is contrary to law to be set aside and that of the Assessing Officer be restored." 3. Facts necessary for disposal of the appeal are stated in brief. Assessee is a private limited company engaged in the business of share broking and share trading. For the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... total income included income from transactions on which STT was paid. The only reason stated by the AO for not allowing rebate u/s. 88E from tax payable u/s. 115JB or computing tax payable under normal provisions after reducing the amount of rebate u/s. 88E from such tax for comparing the tax payable normally or u/s. 115JB are that STT was not income tax and provisions of section 115JB were non-obstante deeming fictions. Further identical to the contentions raised by the appellant, it was submitted before the Hon'ble Tribunal in the case of M/s. Horizon Capital Ltd. (Supra), that Form No. 6 the format of Income tax return prescribed by the Department of Income tax provided for rebate u/s. 88E from higher of income tax under regular provisio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... termined under section 115JB shall be made for the purpose of determining applicability of the provisions of section 115JB, on gross basis before allowing rebate u/s 88E from the income tax determined under normal provisions of income tax Act and rebate u/s 88E would also be available to the assessee against the tax payable u/s. 115JB of the Income tax Act. The appellant shall be required to make payment of higher of the two amounts. Such proposition is inevitable from the format of the Return of Income (ITR-6) as prescribed. The appeal on these grounds is allowed. 5. Aggrieved, Revenue is in appeal before us. At the time of hearing the learned counsel for the assessee strongly relied upon the judgement of the Hon'ble Karnataka High Court ..... X X X X Extracts X X X X X X X X Extracts X X X X
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