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2011 (3) TMI 1002 - AT - Income TaxCapital gain - Book profit u/s 115JB - Circular No. 13/2001, dated 9-11-2001 - Held that:- Merely because the capital gains arising from the transfer of those assets is not taxable under the normal provisions of Income-tax Act, it cannot be excluded from the Book Profits under section 115JB, the computation of book profit under section 115JB is a separate code by itself - hold that the profit on sale of assets credited to the profit & loss account cannot be excluded while computing the Book Profit under section 115JB even though the capital gains arising from the sale of that asset is not subject to tax under the normal provisions of the Income-tax Act by virtue of the provisions of section 54EC - Appeal is dismissed
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