Assessee's Claim for Rebate on Arbitrage Loss u/s 88E Denied to Prevent Double Relief.

Assessee's Claim for Rebate on Arbitrage Loss u/s 88E Denied to Prevent Double Relief. https://www.taxtmi.com/highlights?id=26230 Rebate of claim u/s 88E - in case of arbitrage loss assessee had admittedly not paid any income tax. Therefore, if assessee’s plea is accepted then it would lead to double relief to assessee – firstly, by allowing set off u/s 70 against STT income and then allowing rebate from income-tax. This is definitely not the intention of legislature - AT en-us Thu, 03 Dec 2015 10:16:39 +0530 Thu, 03 Dec 2015 10:16:39 +0530 TaxTMI RSS Generator Assessee's Claim for Rebate on Arbitrage Loss u/s 88E Denied to Prevent Double Relief. https://www.taxtmi.com/highlights?id=26230 Rebate of claim u/s 88E - in case of arbitrage loss assessee had admittedly not paid any income tax. Therefore, if assessee’s plea is accepted then it would lead to double relief to assessee – firstly, by allowing set off u/s 70 against STT income and then allowing rebate from income-tax. This is definitely not the intention of legislature - AT Highlights Income Tax Thu, 03 Dec 2015 10:16:39 +0530 https://www.taxtmi.com/highlights?id=26230