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2011 (6) TMI 452 - HC - Income TaxMAT - exclusion of income derived on sale of old and unyielding rubber trees credited in the P & L A/c for computation of MAT - Tribunal excluded it on holding the same as agricultural income - Held that:- Since the assessee has included the sale proceeds of assets as income in the P/L A/c prepared under Schedule VI to the Companies Act for the purpose of assessment of book profit u/s 115JA(2), the assessee has no escape but to pay tax on the book profit including such income. Hence, if book profit assessment originally made were not in accordance with the statutory provision, then the Assessing Officer was certainly free to rectify the assessment to make it in compliance with statutory provisions which exhaustively deals with the scheme of book profit assessment - Decided against Assessee.
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