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

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 under the provisions of the Act or under Section 115 JB when tax chargeable on such income is arrived at, he is given the benefit of tax deductions of the amount, which he has paid under section 88 E by virtue of Section 87. When under Section 82 A, the assessee is made liable to pay tax with an assurance that it will be deducted and 87 of the Act gives effect to such promise made under the statute. That is the reason why the word used is rebate. The amount paid is handed back to the assessee. In other words, payment of tax twice on the same income is avoided.