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2018 (9) TMI 217 - CALCUTTA HIGH COURTAddition of interest on share application while computing book profit under section 115JA - Interest on share application voluntarily disclosed as income by the assessee under VDIS - Held that:- As per the provisions of section 68 of the Finance Act, 1997, the amount of income voluntarily disclosed under VDIS shall not be included in the total income of the declarant assessee for any assessment year under the Income Tax Act - since the said provisions are overriding as a result of non-obstante clause contained in section 64 of the Finance Act, 1997, we find merit in the contention of assessee that the interest on share application voluntarily disclosed as income by the assessee under VDIS for A.Y.1994-95 could not be included in the total income of the assessee for the year under consideration even for the purpose of computing book profit under section 115JA whereby an amount equal to 30% of the book profit is deemed to be the total income of the assessee chargeable to tax for the relevant previous year. We, therefore, find no infirmity in the order of the ld.CIT(Appeals) deleting the interest on share application while computing book profit under section 115JA
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