Benefit of rebate u/s 88E is available to assessee in MAT Assessment on book profits u/s 115JB

High Court Of Karnataka CIT Vs. M/S Horizon Capital Ltd., ITA NO. 434 Of 2010, Misc. CVL 6629  of 2011 Date Of Order : 24/10/2011 MAT Assessment on book profits u/s 115 JB the benefit of rebate u/s 88 E is available to assessee as same is in nature of assurance and promise given to tax payer. Assessee is liable to pay securities transaction tax when he enters into securities transaction. Tax is payable simultaneously after realising the consideration. However, if that transaction is included in the total income of the assessee where the total income is assessed either unde...