https://www.taxtmi.com/caselaws?id=274727 The Tribunal upheld the exclusion of short term capital gains for calculating the average rate of tax under section 88E, emphasizing that the rebate should be based on the tax rate applicable to business income, particularly when taxed at the maximum marginal rate. The Commissioner (Appeals)'s decision to exclude short term capital gains for determining the rebate was deemed in accordance with the law, dismissing the Revenue's appeal. The judgment clarified that the average rate of income tax specified in section 88E pertains solely to business income, resulting in the exclusion of short term capital gains for rebate calculation. en-us Tue, 21 Oct 2014 00:00:00 +0530 Fri, 31 Aug 2018 06:46:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=274727 The Tribunal upheld the exclusion of short term capital gains for calculating the average rate of tax under section 88E, emphasizing that the rebate should be based on the tax rate applicable to business income, particularly when taxed at the maximum marginal rate. The Commissioner (Appeals)'s decision to exclude short term capital gains for determining the rebate was deemed in accordance with the law, dismissing the Revenue's appeal. The judgment clarified that the average rate of income tax specified in section 88E pertains solely to business income, resulting in the exclusion of short term capital gains for rebate calculation. Case-Laws Income Tax Tue, 21 Oct 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=274727