Case Law Details
Rebate under section 88E was to be allowed from the tax computed as per provisions of section 115JB to find out whether after set off of rebate under section 88E, any tax liability remained or not. Admittedly the tax liability as per MAT provisions was Rs.7,56,694/- and rebate admissible under section 88E was Rs.26,98,260/-. Therefore, in any view of the matter, no prejudice was caused to the revenue by non-consideration of provisions of section 115JB by Assessing Officer. Therefore, ld. CIT’s order cannot be sustained.
INCOME TAX APPELLATE TRIBUNAL,KOLKATA
I .T.A. No. : 342/ Kol . / 2012 – Assessment year: 2007-08,
Nakamichi Securities Limited
Vs.
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I am looking for the High Court Judgement in Horizon Capital Ltd which was decided after the ITAT decision in its case of ITA No 592(Bng)/10.
Another similar case was DCIT v/s MBL & Co Ltd wherein again the High Court has decided this issue of Sec 88E and 115JB