TMI Blog2013 (3) TMI 714X X X X Extracts X X X X X X X X Extracts X X X X ..... een the tax determined under Normal Provision of the I.T. Act and provisions under section 115JB for the purpose of determining applicability of the provisions of section 115JB on gross before allowing Rebate under section 88E of the Income Tax Act, 1961 . 2. Briefly stated, the ground of appeal is on the findings of AO that the tax liability under section 115JB of the I.T. Act was higher than the normal tax holding that assessee was liable to pay tax under section 115JB instead of normal tax, by not allowing credit of securities transaction tax from tax payable under section 115JB. The facts appearing from the assessment order are that assessee had made the payment of tax under normal provisions by comparing its total income with incom ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... idering the objections of assessee and relying on the decision of the ITAT in the case of Horizon Capital Ltd vs. Income Tax Officer in ITA No.592/Bangalore/10 and in the case of DCIT vs. MBL Co. Ltd in ITA No.2478/Del/2010, the learned CIT (A) upheld assessee s contention by stating as under: 3.4. I have considered the contention of the AO as well as of the Ld. AR. I find that identical issue has been decided by the Hon'ble Tribunal. In the cases of M/s. Horizon Capital Ltd. and M/s.MBL Co. Ltd. (Supra), under identical fact that the present assessee had also made payment of STT and it's total income included income from transactions on which STT was paid. The only reasons stated by the AO for not allowing rebate under sec ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... was clear from ITR 6 that where tax payable works out under normal provisions of Act or under MAT under section 115JB whichever is higher. The rebate under section 88E is to be allowed to the appellant that there was no prohibition in claiming rebate in respect of securities transaction tax paid against income tax payable under MAT under provisions of section 115JB of the Income tax. Respectfully following the decision in the cases of M/s Horizon Capital Ltd M/s.MBL CO. Ltd. (Supra), rendered by the Hon'ble Bangalore and Delhi Tribunals respectively, I am of the opinion that comparison between tax determined under normal provisions of the income tax act and that determined under section 115JB shall be made for the purpose of determ ..... X X X X Extracts X X X X X X X X Extracts X X X X
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