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2016 (11) TMI 1021 - HC - Income TaxMAT computation - whether Capital gains which form part of the net profit is the profit and loss account of the assessee company, should not be taken into account for calculation of tax on book profits as per section 115JB? - Held that:- The allowance or otherwise of the claim under Section 54AC has to be seen in the context of the provisions of Section 115 JB which is a self contained code of assessment. The levy of tax is on the book profits after effecting various upward and downward adjustments as set out in terms of the Explanation thereto. The provisions of sub-section (5) of s.115 JB open the assessment to the application of all other provisions contained in the Income tax Act except if specifically barred by that section itself. S.115 JB (5) Thus, the adjusted book profits would be further eligible to the benefits set out in the other provisions of the Act and the plain language of Section 115 JB thus admits of the grant of relief under section 54 EC in an assessment thereunder. - Decided against arevenue
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