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TMI Blog2013 (12) TMI 17X X X X Extracts X X X X X X X X Extracts X X X X ..... g of the return – Decided against assessee. - ITA No. 2162/Del/2013 - - - Dated:- 25-10-2013 - Shri G. D. Agrawal And Shri A. D. Jain,JJ. For the Appellant : Shri Ved Jain, CA. For the Respondent : Ms. Y. Kakkar, Sr. DR. ORDER Per : G. D. Agrawal, VP : This appeal by the assessee is directed against the order of learned CIT(A)-XXV, New Delhi dated 15th March, 2013 for the AY 2008-09. 2. The only ground raised by the assessee is against the denial of the credit in respect of Securities Transaction Tax (STT) paid to Adroit Financial Services Pvt.Ltd. amounting to Rs. 18,93,867/-. The facts of the case are that the assessee filed the return disclosing the total income of Rs. 34,56,112/-. On the above income, income tax payable including surcharge and education cess was Rs. 11,16,950/-. In the computation of income, the assessee claimed the payment of tax amounting to Rs. 19,71,117/- as under:- "Less : Prepaid Tax Advance Tax Bank of India 11/03/2008 25750 Bank of India 14/12/2007 25750 Bank of India 14/09/2007 25750 77250 TDS 1893 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s also seen that there is no apparent mistake in the order u/s 143(1) which requires to be rectified u/s 154. After considering all the facts and circumstances of the case, I am of the view that there is no merit in the submission of the assessee and accordingly, the order passed by the AO is confirmed." 6. At the time of hearing before us, it is submitted by the learned counsel that Section 88E of the Income-tax Act provides rebates in respect of Securities Transaction Tax paid by the assessee on the income chargeable under the head 'profits and gains of business or profession'. That during the accounting year relevant to assessment year under consideration, the assessee paid the STT amounting to Rs. 18,93,867/- in respect of the income which was offered under the head 'profits and gains of business or profession'. That due to inadvertent mistake, the above STT payment was disclosed in the column of TDS rather than in the column of rebate under Section 88E. That along with the return of income, the certificate for the STT payment was also attached. Thus, there is no dispute that the income was offered by the assessee and the same income was accepted under Section 143(1). There i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Section 143(1), the Assessing Officer committed any apparent mistake in not allowing any rebate under Section 88E. When the assessee itself has stated in the return of income that there is no income arising from the transaction chargeable to securities transaction tax and there is no such STT paid by the assessee and no rebate allowable, then the Assessing Officer under Section 143(1) has rightly accepted the assessee's returned income and allowed credit for advance tax. Therefore, there is no apparent mistake in the order of the Assessing Officer. She further submitted that the facts of the case relied upon by the learned counsel would not be applicable to the facts of the assessee's case. 8. We have carefully considered the arguments of both the sides and perused the material placed before us. The precise question for our adjudication is whether there was any apparent mistake in the intimation sent under Section 143(1) on account of non-allowing of rebate under Section 88E of the Income-tax Act. Section 88E of the Act reads as under:- "88E. (1) Where the total income of an assessee in a previous year includes any income, chargeable under the head "Profits and gains of busine ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... verage rate of tax 2 0 3 STT paid during the year on the transactions chargeable to STT which have been entered into in the course of business during the year 3 0 4 Rebate under section 88E, lower of (2) and (3) 4 0" 10. Thus, in the return of income, the assessee mentioned that the income arising from the transaction chargeable to securities transaction tax chargeable under the head 'profits and gains of business or profession' included in the gross total income is nil, tax payable on the above income at average rate of tax is nil and, therefore, the rebate allowable under Section 88E is nil. That in the computation of income also, there is no whisper about any income arising from the taxable securities transactions. That when in the return of income the assessee himself has mentioned that the income arising from the transaction chargeable to securities transaction tax is nil and the rebate allowable under Section 88E is nil, then, the Assessing Officer cannot be said to have committed any error in the intimation under Section 143(1) in not allowing rebate under Section 88E. That under Section 154, the jurisdiction of the Assessing Officer is to rectify the mistake apparent ..... X X X X Extracts X X X X X X X X Extracts X X X X
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