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2015 (10) TMI 996 - AT - Income TaxMAT computation - Additions towards lease equalisation charges for the purposes of computing book profits under section 115JA - Held that:- after retrospective amendment in the Act by way of the Finance (No. 2) Act, 2009, the assessee's stand is no more sustainable. It is to be seen that the hon'ble High Court in the assessee's case for the assessment year 1997-98 has taken cognizance of the abovestated amendment qua identical lease equalisation charges to observe that this amendment would apply from April 1, 1998. We reiterate that the assessment year involved before us is 1999-2000. Thus, we find that the case law of CIT v. Weizmann Homes Ltd. [2013 (5) TMI 123 - KARNATAKA HIGH COURT] post facto amendment squarely applies in this case. So, we accept the Revenue's grounds and hold that the assessee's lease equalisation charges have to be added to its book profits under section 115JA and leave it open for the Assessing Officer to make necessary computation as per law - Decided in favour of assessee.
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