https://www.taxtmi.com/caselaws?id=381396 The Income Tax Appellate Tribunal (ITAT) partially allowed the assessee's appeal regarding the claim of rebate under section 88E of the Income Tax Act. The ITAT upheld the restriction to allow the rebate only on income from taxable security transactions but directed the Assessing Officer (AO) to allocate expenses against excluded incomes for computing the rebate. This decision aimed to rectify the AO and Commissioner of Income Tax (Appeals)'s refusal to allocate expenses, emphasizing the importance of reasonable expense allocation and credible evidence in income tax matters. en-us Fri, 07 Jun 2019 00:00:00 +0530 Mon, 10 Jun 2019 11:11:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=381396 The Income Tax Appellate Tribunal (ITAT) partially allowed the assessee's appeal regarding the claim of rebate under section 88E of the Income Tax Act. The ITAT upheld the restriction to allow the rebate only on income from taxable security transactions but directed the Assessing Officer (AO) to allocate expenses against excluded incomes for computing the rebate. This decision aimed to rectify the AO and Commissioner of Income Tax (Appeals)'s refusal to allocate expenses, emphasizing the importance of reasonable expense allocation and credible evidence in income tax matters. Case-Laws Income Tax Fri, 07 Jun 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=381396