| Question And Answer | |
|---|---|
| Subject: | SECTION 88E AND 115JB |
| Category: | Income-Tax |
| Querist: | RAJE |
| Answered by: | Advocate Neelam Jadhav |
| Tags: | appeal, book profit u/s 115JB, effect, Section 88E |
| Date: | July 12, 2022 |
The assessee had issues that had gone to ITAT for ASST YEAR 2006-07 and thereafter AO gave appeal effect order.THEREAFTER the AO compared normal income and 115JB calculations .However in 115JB calculations the AO ignored 88E which per settled law is allowable from tax on 115JB income(PER KARNATAKA HC AND DELDI HC).The AO granted LOWER refunds on basis of 115JB calculations as it is higher on TAXABILITY as rebate was denied of section 88E from tax on 115JB.BEFORE CIT(A) AND ITAT 88E AND 115JB THINGS WERE CONSEQUENTIAL ISSUE AS STT AND NON STT INCOME CALULATIONS WERE MAIN ISSUES.
QUESTIONS
1.WHAT IS ASSESSEE REMEDY.
2.WHETHER APPEAL LIES TO CIT(A) AGAINST INCORRECT APPEAL EFFECT ORDER.
3.WHETHER ASSESSEE MOVES RECTIFICATION.
4.WHAT WAS BOMBAY HC JUDGEMENT ON 88E READ WITH 115JB for ITA 1622 OF 2013.TILL 2019/2020 IT APPEARS FEW CASES WERE CLUBBED WITH ITA 1633 OF 2013 BUT FINAL IS NOT KNOWN FROM GOOGLE.
5.WHETHER ANY SC RULING HAS COME OR PENDING.
It is desirable to file an appeal before the CIT(A) and also file rectification application . CIT v. Pasupati Capital Services Pvt Ltd ITA No. 1622 of 2013 was admitted on 24 -4 -2015 which is pending for final hearing . It may be taken up for hearing after five years . At present appeal admitted in the year 2003 are taken up for final hearing . CIT v. Ravindra Kumar Toshinwal ITA No. 1633 of 2013 was dismissed as with drawn on 22-12 -2015 due to Tax effect being only 16 lakhs . To the best of our knowledge Supreme Court has not decided the issue .