Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2007 (11) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2007 (11) TMI 320 - AT - Income TaxComputation of MAT u/s 115JB - deduction of profit attributable to export u/s 80HHC - HELD THAT:- We are of the opinion that for computing the book profit for the purpose of s. 115JB the net profits shown in the P&L a/c prepared as per its sub-s. (2), are to be reduced by the amount of profits eligible for deduction under s. 80HHC irrespective of the fact how much percentage of it is eligible for deduction under s. 80HHC of the Act. The amount of profit eligible for deduction would not be governed by sub-s. (1B) of s. 80HHC in the absence of its reference in cl. (iv) of the Explanation to s. 115JB. We, therefore, find ourselves in agreement of the CIT(A) who has rightly adjudicated the issue in the light of the given situation. Accordingly we confirm the same. In the result appeal of the Revenue is dismissed.
|