2012 (5) TMI 727

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....nt Member) This is an appeal filed by the Revenue against order dated 24.12.2010 of CIT(A) -VI, Kolkata pertaining to A.Yr. 2007-08. 2. The Revenue has raised the following grounds of appeal :- "1.That on the facts and circumstances of the case, Ld. CIT(A)- VI, Kolkata has erred in law in holding that tax is to be calculated as per the normal computation of total income and not as p....

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....er hearing the rival submissions and on careful perusal of materials available on record, it is observed that this Tribunal has followed the Jurisdictional High Court in ITA No.1276/Kol/2010 in the case of ITO,Wd-4(3),Kolkata vs Advent Stock Broking Pvt. Ltd. order dated 09.09.2011 wherein it was held that "4. We find that in present assessment year provisions of section 115JB of the Act ....

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....ovided in section 88E(2) of the Act of an amount equal to securities transaction tax paid by him in respect of taxable securities transaction entered into in the course of his business during the relevant previous year. It means that in case the assessee's income under normal provisions is more than 10% of book profit, as is in the present case, MAT provision u/s. 115JB of the Act will not apply. ....