9911796707
TMI Blog2012 (7) TMI 930X X X X Extracts X X X X X X X X Extracts X X X X ..... ee under section 88E, for an amount of 3,73,10,662. X X X X Extracts X X X X X X X X Extracts X X X X ..... aimed in the return of income filed by the assessee. 3. During the course of appellate proceedings, it was submitted before the learned Commissioner (Appeals) that the Assessing Officer has ignored the scientific method of apportionment of expenditure between share trading and other income for the purpose of calculating rebate under section 88E, and also did not take into account the impact of ad ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the learned Commissioner (Appeals) has wrongly granted the relief to the assessee by giving a direction to the Assessing Officer to allow the rebate up to the amount of ₹ 3,73,10,662. 5. On the other hand, the learned Counsel for the assessee submitted that the difference, if any, is mainly on account of allocation of expenditure. The assessee has adopted a scientific method for allocation ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ount (Rs.) 1. Share Trading Income 13,07,10,053 13,07,10,053 13,07,10,053 2. Addition u/s 94(7) - - 2,76,697 2,76,697 3. Less: Expenses allocated (Refer Table-I) (96,19,308) (73,26,433) (66,17,875) 4. Net share trading income 12,10,90,745 12,36,60,316 12,43,68,874 Tax @ 30% (88E claim) 3,63,27,223 3,70,98,095 3,73,10,662 6. We have heard the rival contentions, carefu ..... X X X X Extracts X X X X X X X X Extracts X X X X
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