Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2012 (12) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2012 (12) TMI 85 - AT - Income TaxMinimum Alternate Tax (MAT) - Book adjustment - Deduction under section 80HHC – Held that:- Deduction allowable under section 80HHC has been done away with in a phased manner and since assessment year 2005-06, no deduction is allowable. The clause (iv) of Explanation 1 to section 115JB(2) has also been omitted by the Finance Act 2011 w.e.f. 1.4.2005 and, therefore, from assessment year 2005-06, book profit is not required to be reduced by the amount of profit eligible for deduction under section 80HHC as deduction under section 80HHC is no longer available from assessment year 2005-06 - assessee is not entitled for any deduction under section 115JB(2) - assessee will not be entitled for any reduction of book profit on account of section 80HHC deduction or profit eligible for deduction under section 80HHC – In favor of revenue
|