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TMI Blog2013 (11) TMI 3X X X X Extracts X X X X X X X X Extracts X X X X ..... vitable from the format of the Return of Income (ITR-6) as prescribed – Decided against the Revenue. - ITA No. 2271/Mum/2012 - - - Dated:- 10-9-2013 - Shri D. Manmohan And and Shri D. Karunakara Rao,JJ. For the Appellant : Shri S. Ghosh For the Respondent : Shri Anuj Kisnadwala ORDER Per D. Manmohan, V.P. This appeal by the Revenue is directed against the order passed by the CIT(A)-8, Mumbai and it pertains to A.Y. 2008-09. 2. The following grounds were urged by the Revenue: - "1. i) On the facts and in the circumstances of the case and in law, the Ld. CIT(A) erred in allowing the rebate u/s. 88E from the tax payable on book profit. ii) On the facts and in the circumstances of the case and in law, the Ld. CIT(A) e ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... even while computing the tax liability under MAT provisions and hence an appeal was preferred before the CIT(A). Reliance was placed upon various decisions of the ITAT to submit that rebate under section 88E of the Act is available even while computing the tax under MAT provisions (115JB of the Act). 4. The learned CIT(A) accepted the contentions of the assessee by observing, in para 4.3 of the order, as under: - "4.3 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 inc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ties Finance Pvt. Ltd. in which it has been observed that it was clear from ITR 6 that where tax payable works out under normal provisions of Act or under MAT u/s. 115JB whichever is higher, the rebate u/s. 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 11 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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