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TMI Blog2013 (11) TMI 108X X X X Extracts X X X X X X X X Extracts X X X X ..... ncome computed under the regular provisions of the Act or under section 115JB of the Income Tax Act, 1961 - Rebate u/s 80E available to the assesse – Decided against Revenue. - ITA No.4113/Del./2010 - - - Dated:- 23-12-2011 - Shri Rajpal Yadav And Shri B. C. Meena,JJ. For the Petitioner : Shri Ajay Wadhwa, Advocate For the Respondent : Smt. Reena S. Puri, CIT DR and Smt. Srujani Mohanty, Senior DR ORDER Per B. C. Meena, Accountant Member :- This appeal filed by the revenue arises out of the order of CIT (Appeals)-VIII, New Delhi dated 25.06.2010 for the assessment year 2007- 08. The grounds of appeal read as under :- 1. The order of the learned CIT (Appeals) is erroneous contrary to facts law. 2. On ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f ITAT, Delhi Bench E in the case of DCIT vs. M/s. MBL Co. Ltd., cited supra. ITAT has decided the issued by relying on the decision of ITAT, Bangalore A Bench in the case of M/s. Horizon Capital Ltd. vs. ITO in ITA No.592/(BHG)/10 dated 16.07.2010 and in this order, the ITAT, Bangalore A Bench has held as under :- 6. Having heard both the parties and having considered the rival contentions, we find that the only dispute is whether the rebate of STT paid by the assessee is allowable from the income tax computed against the total income computed under section 115JB of the Income Tax Act, 1961. The term 'total income' has been defined under the Income Tax Act, 1961 as the total amount of income referred to in section 5, c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he computation of the total income and the sub section (5) of section 115JB provides for a saving clause that the rest of the provisions of the income tax Act relating to deductions, rebate, etc the other provisions of the Income Tax Act shall apply. Therefore it is clear that the provision of sections 87 and 88A to 88E also apply after the total income is computed under section 115JB of the Income Tax Act, 1961 and since the assessee's total income includes the income from the taxable Securities Transactions, the assessee is entitled to a deduction of the amount equal to the STT paid by him in respect of the taxable Securities Transactions entered into in the course of business during the previous year. The assessee's appeal is thu ..... X X X X Extracts X X X X X X X X Extracts X X X X
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