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2011 (1) TMI 1163 - HC - Income TaxWhether Tribunal was right in law in holding that the profits eligible for deduction u/s 80IA and 80IB of the Act should be included in the computation of "Book Profits" for the levy of MAT as per the provisions of section 115JB of the Act – Held that:- amounts which are required to be reduced from the net profit as shown in the profit and loss account while computing the book profit are specifically laid down in section 115JB, which interalia, include the amount of profits eligible for deduction under section 80-HHC, section 80-HHE and section 80-HHF of the Act in the manner provided thereunder. Section 80-IB of the Act does not find reference in the categories enumerated therein, in the light of the provisions of sub-section (5) of section 115JB, the other provisions of the Act except as provided in the said section would not be applicable while computing book profit for the purposes of section 115JB of the Act. Thus, reliance placed by the appellant on sub-section (5) of section 115JB of the Act is misconceived. The Tribunal was, therefore, justified in holding that the petitioner is not entitled to deduction under section 80IB of the Act while computing its book profits under section 115JB of the Act Whether, in the facts and circumstances of the case the Income Tax Appellate Tribunal was right in law in holding that interest is leviable u/s 234B and 234C of the Act in case of assessment order being framed on "Book Profits" u/s 115JB of the Act - Held that:- in the case of M/s. Rolta India Ltd. (2011 - TMI - 201466 - SUPREME COURT OF INDIA) , interest under sections 234B and 234C is payable on failure to pay advance tax in respect of tax payable under section 115JA/115JB of the Act. Thus, it is apparent that the controversy raised vide the said question stands concluded against the assessee by the said decision. In the circumstances, it is not necessary to set out the facts and contentions in detail, no legal infirmity in the impugned order of the Tribunal, appeals are accordingly dismissed
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