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2011 (9) TMI 238 - HC - Income TaxMinimum Alternate Tax - Deduction under section 80HHC - reduction of net profit for detemining book profit u/s 115JB - 115JB was inserted w.e.f. 1st April, 2001 providing for levy of MAT on certain companies - two essential conditions for invoking Section. 80HHC(1) are that assessee must be in the business of export and secondly that sale proceeds of such exports should be receivable in India in convertible foreign exchange - In Section 115JB, as in Section 115JA, it has been clearly stated that the relied will be computed under Section 80HHC(3)/3(A), subject to the conditions under sub-cl. (4) and (4A) of that section. The conditions are only that the relief should be certified by the chartered accountant - Thus the appeal of Revenue is dismissed
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