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2011 (5) TMI 645 - HC - Income TaxMAT - adjustment to book profits - provision of diminution in value of investment - Held that:- Finance (No.2) Act, 2009, inserted clause (i) of Explanation 1 in section 115JB(2), having retrospective effect from April 1, 2001 whereby any amount or amounts set aside as provision for diminution in the value of any asset shall not reduce the book profits of an assessee. The assessment years involved in the instant appeals are subsequent thereto, accordingly, it is held that the adjustment claimed by the assessee as provision for diminution in value of investment was not tenable and the same would be added in the profit which thereby would enhance the book profit u/s 115JB - Decided against the assessee.
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