9911796707
TMI Blog2010 (5) TMI 651X X X X Extracts X X X X X X X X Extracts X X X X ..... ourt) , ratio laid down in the decision is squarely applicable to the Present case as well, Since in the present case the appellant had furnished evidence in support of payment of STT in prescribed Form 10DB in the course of assessment, there was sufficient compliance to provisions of s. 88E, AO is directed to allow the rebate as Prescribed in s. 88E in respect of STT paid in respect of the share trading income, which has been assessed under the head 'Profits and gains of business', no infirmity in the aforesaid order of the learned CIT(A) and the same is hereby upheld, appeal of the Revenue is dismissed X X X X Extracts X X X X X X X X Extracts X X X X ..... turn. Since the assessee neither claimed the rebate in the return nor filed evidence in Form 10DB along with the return, the AO disallowed the assessee's claim for rebate under s. 88E of the Act. In appeal, the learned CIT(A) directed the AO to allow the rebate as prescribed in s. 88E in respect of STT paid in respect of the share trading income, which has been assessed under the head 'Profits and gains of business'. Aggrieved by the said order, now the Revenue is in appeal before us. 3. At the time of hearing before us, the learned Departmental Representative heavily relied on the order of the AO and submitted that the claim for rebate of tax under s. 88E for Securities Transaction Tax (STT) was neither claimed in the return of income, no ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... iling of return cannot be allowed (if revised return is not filed). Revised return was never filed. He concluded his argument by praying that the order of the learned CIT(A) may be set aside and that of AO be restored. 4. On the other hand, the learned counsel for the assessee relied on the order of the learned CIT(A) and urged before the Bench to confirm the same. 5. We have heard the rival submissions and perused the material available on record. We find that the learned CIT(A) gave relief to the assessee by observing as under : "7. I have perused the assessment order and considered the submission of the appellant. I have also considered the various judicial decisions relied upon by the appellant. In the present case, the facts are not ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... iture which was later on found to be not allowable under s. 40(a)(ib), he could not be deprived of alternate claim for rebate under s. 88E. It is not in dispute that the appellant had actually paid STT and claim was supported by Form 10DB as evidence of tax payment, for which credit was allowable by the tax authorities. The substantive provision of law for claiming credit or availing tax rebate in taking actual payment of tax to the credit of the exchequer. Furnishing evidence in support of the payment made is only a procedural requirement and not a substantive requirement. The Hon'ble Courts have held that furnishing of certificates, audit reports, etc., along with the return is only a Procedural requirement and not a substantive requireme ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... able to the Present case as well. Since in the present case the appellant had furnished evidence in support of payment of STT in prescribed Form 10DB in the course of assessment, there was sufficient compliance to provisions of s. 88E. In view of the above, the AO is directed to allow the rebate as Prescribed in s. 88E in respect of STT paid in respect of the share trading income, which has been assessed under the head 'Profits and gains of business'. Ground No. 4 is allowed." Since the Revenue did not controvert the aforesaid finding of the learned CIT(A) by producing any cogent material/evidence before us, we do not find any infirmity in the aforesaid order of the learned CIT(A) and the same is hereby upheld. Therefore, the appeal of the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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