https://www.taxtmi.com/caselaws?id=332502 The Tribunal dismissed the Revenue's appeals, affirming the CIT(A)'s decisions on the validity of the reassessment proceedings under sections 147/148 of the Income Tax Act and the manner of allowing the rebate for Securities Transaction Tax (STT) under section 88E. The Tribunal held that the initiation of proceedings under sections 147/148 was invalid as there was no escapement of income, and the rebate under section 88E should be allowed while computing tax liability under section 115JB, in line with relevant legal precedents. en-us Sat, 10 Sep 2016 00:00:00 +0530 Sat, 17 Sep 2016 21:40:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=332502 The Tribunal dismissed the Revenue's appeals, affirming the CIT(A)'s decisions on the validity of the reassessment proceedings under sections 147/148 of the Income Tax Act and the manner of allowing the rebate for Securities Transaction Tax (STT) under section 88E. The Tribunal held that the initiation of proceedings under sections 147/148 was invalid as there was no escapement of income, and the rebate under section 88E should be allowed while computing tax liability under section 115JB, in line with relevant legal precedents. Case-Laws Income Tax Sat, 10 Sep 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=332502