TMI Blog2013 (2) TMI 715X X X X Extracts X X X X X X X X Extracts X X X X ..... bai ( CIT(A) for short) dated 04.05.2011, allowing the assessee s appeal contesting its assessment for the assessment year (A.Y.) 2008-09 u/s. 143(3) of the Income Tax Act, 1961 ( the Act hereinafter) vide order dated 24.11.2010. 2. The issue involved in this appeal is whether the assessee would be entitled to the tax rebate u/s.88E of the Act where its income is assessed on the basis of book ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the same, i.e., the tax rebate u/s. 88E, in either case, i.e. whether the tax is payable by it under the regular provisions of the Act or on the basis of book profit. 3. We have heard the parties, and perused the material on record as well as the case law cited. 3.1 The issue under reference is being regularly witnessed at the Mumbai Benches of the Tribunal, which is taking a consistent view ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ich has in fact been followed by the ld. CIT(A). 3.2 So however, it would be relevant to state the argument led by the ld. DR during hearing, concern as it does the tax rebate permissible u/s.88E and, thus, is germane to the issue at hand. The tax rebate u/s.88E, it was averred by him, could only be with reference to the tax on the business income by way of securities transactions disclosed by ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r than that of dealing in securities, i.e., incomes which are not subject to STT, the proportionate book profit and, accordingly, the qualifying tax u/s.115JB is to be worked out on a proportionate basis. We, accordingly, have no hesitation in accepting the Revenue s plea with regard to the determination of the quantum of the tax rebate exigible u/s. 88E(2), being only imminent from the clear lang ..... X X X X Extracts X X X X X X X X Extracts X X X X
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