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TMI Blog2016 (6) TMI 1337X X X X Extracts X X X X X X X X Extracts X X X X ..... erefore there is hardly any room for any deviation or departure from the said formula. In our opinion, the AO has correctly applied the formula as per sub-section (2) of section 88E - in agreement with the opinion of the AO and First Appellate Authority that the assessee has claimed excess rebate to the tune of ₹ 16,46,695/- u/s 88E and accordingly uphold the order of CIT(A) - Decided against assessee. - I.T.A. No.2/Mum/2014 - - - Dated:- 29-6-2016 - SHRI SHAILENDRA KUMAR YADAV, JM AND SHRI RAJESH KUMAR, AM For the Appellant : Shri Haridas Bhat For the Respondent : Shri Love Kumar ORDER PER RAJESH KUMAR, A. M: This is an appeal filed by the assessee and challenging the order dated 28.11.2013 of ld.CIT(A)-29 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... me or the total income 1,20,97,465 X 51,43,396 = 22,33,556 2,78,57,848 Thus, the AO found that the rebate under section 88E was allowed excess to the extent of ₹ 16,46,695/-resulting into short levy of tax of ₹ 18,47,592/- excluding surcharge and deduction which required to be rectified under section 154 of the Act. Accordingly, the AO passed order under section 154 withdrawing the excess rebate allowed u/s 88E of the Act to the extent of ₹ 16,46,695/- after considering the submissions of the assessee. Aggrieved by the order of AO, the assessee preferred an appeal before the ld.CIT(A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rejected. 4. We have carefully considered the rival contentions of the parties and perused the material placed before us including the orders of authorities below. Before deciding the issue we would like to refer to the provisions of section 88E of the Act which are extracted for the purpose of better understanding as under: Rebate in respect of securities transaction tax. 88E. (1) Where the total income of an assessee in a previous year includes any income, chargeable under the head Profits and gains of business or profession , arising from taxable securities transactions, he shall be entitled to a deduction, from the amount of income-tax on such income arising from such transactions, computed in the manner provided in sub-sec ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ount of tax on such income arising from such transactions computed by applying average rate of interest tax on such income as provided under subsection (2) as reproduced above. The ld. AR before us submitted that the assessee had rightly calculated and claimed the amount of rebate under section 88E whereas the calculation as made by the AO and confirmed by the ld.CIT(A) were fallacious and wrong and therefore prayed that the order of the ld. CIT(A) be set aside and the AO be directed to allow rebate under section 88E as claimed by the assessee. On the contrary, the ld. DR submitted before us that the excess claim of rebate u/s 88E in respect of transaction liable for securities transaction tax as included in the income from profit and profe ..... X X X X Extracts X X X X X X X X Extracts X X X X
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