Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2013 (4) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2013 (4) TMI 757 - AT - Income TaxMAT - Computation of Book Profit u/s. 115JB - Held that:- No hesitation to hold that for the purpose of computing Book Profit u/s. 115JB of the Act, income has to be computed as per Parts of Schedule VI of Companies Act and not on basis of provisions of I.T. Act. Interest on deposits - eligible for deduction u/s. 10A - Held that:- We find that the issue has been decided in favour of the assessee by the Tribunal in his own case allowing the claim of the assessee for treating the interest from fixed deposit as income falling under the head “Profits & gains of business or profession” eligible for deduction u/s. 10A of the Act. Facts being identical, respectfully following the decision of the Tribunal, we direct the AO to treat the interest from fixed deposits as income falling under the head “Profits & gains of business or profession” eligible for deduction u/s. 10A of the Act. Computation of profits of the business of the undertaking and amount of deduction u/s. 10A - Held that:- We direct the AO to allow deduction u/s. 10A before setting of the brought forward unabsorbed depreciation and business loss. Charging of interest u/s. 234B - income of the assessee is taxable under the provisions of Sec. 115JB - Held that:- The issue has been decided against the assessee by the Hon’ble Supreme Court in the case of JCIT Vs Rolta India Ltd. (2011 (1) TMI 5 - SUPREME COURT OF INDIA) wherein held that interest u/s. 234B is payable on failure to pay advance tax in respect of tax payable u/s. 115JA of the Act.
|