DCIT 4(1)(1), MUMBAI vs. ASIT C.MEHTA INVESTMENT INTERMEDIATES P.LTD, MUMBAI

PDF · subscribers
ITA 1919/MUM/2015Status: DisposedITAT Mumbai17 February 2017AY 2007-086 pages
AI SummaryDismissed

What did the Tribunal hold?

The Tribunal held that the rebate under Section 88E is allowable while computing tax liability under Section 115JB, following the decisions of the Karnataka and Delhi High Courts. These courts held that the purpose of Section 88E is to provide credit for STT paid, and this should apply equally to tax computed under normal provisions and under Section 115JB.

What were the facts?

The Assessing Officer denied a rebate under Section 88E while computing book profits under Section 115JB, stating that the Securities Transaction Tax (STT) rebate cannot be equated with income tax. The assessee appealed this decision.

What were the issues?

Whether the rebate under Section 88E is allowable when computing tax liability under Section 115JB of the Income Tax Act.

Which sections of the Income-tax Act were involved?

Section 88E,Section 115JB,Section 143(3),Section 147

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, MUMBAI BENCH “A”, MUMBAI

For Appellant: Shri Vaibhav Jain
Hearing: 23/11/2016Pronounced: 17/02/2017

आदेश की प्रधिधलधप अग्रेधिि / Copy of the Order forwarded to :

More judgments on Section 88E

All 70 judgments and leading authorities on Section 88E →

Recent GST High Court judgments

Search GST case law →