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2014 (1) TMI 853 - AT - Income TaxLevy of MAT u/s 115JB of the Act - Whether the provisions made for doubtful loans and advances can be added back or not while ascertaining the book profit for the purpose of levy of MAT u/s 115JB of the Act – Held that:- The decision in ASSTT COMMISSIONER OF INCOME TAX Versus M/s ESSAR STEEL LTD [2012 (7) TMI 123 - ITAT MUMBAI] followed - Section 115JB of the Act provides for levy of MAT on the basis of book profit of the company - As per Explanation (1), after sub-section (2), the expression "book profit" means net profit as shown in the profit and loss account in previous year in accordance with the provisions of Parts II and III of Schedule VI to the Companies Act, 1956 as increased or reduced by certain adjustments, as specified in that section - the amendment made by inserting a new clause (i) in Explanation (1) to Sub-section (2) of Section 115JB will apply in relation to from the assessment year 2001-02 and for subsequent assessment years while computing book profit for levy of Minimum Alternate Tax - order of the CIT(A) set aside - decided in favour of Revenue.
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