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2014 (12) TMI 476 - HC - Income TaxComputation of tax liability u/s 115JB – Tribunal relied upon the Explanation as it stood at the time of the relevant AY - Held that:- The Tribunal was rightly of the view that the assessee made a computation and for the purposes of section 115JB relying on the explanation 1 as it stood then - The facts being undisputed, the Tribunal held that the Commissioner did not commit any error apparent on the face of the record nor his order can be termed as perverse - The only ground on which the AO refused to accept the claim or deduction was that the Assessee had not lodged it in its normal computation - So long as the definition of the term book profit and found in explanation 1 permitted the Assessee to lodge that claim, it is not necessary for him to have shown it in the normal computation - In the original return of income and the normal computation, this was not shown but in the revised return this was the claim lodged and referred by relying upon the explanation - It was also claimed on the basis that amount is credited to the Profit and Loss Account - relying on the explanation 1 as it stood then that the Tribunal upheld the order of the Commissioner – the order of the Tribunal is upheld as the view taken in the facts and circumstances peculiar to the Assessee cannot be termed as perverse or proceeding on a complete misreading or misinterpretation of the relevant statutory provision – as such no substantial question of law arises for consideration – Decided against revenue.
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