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2018 (10) TMI 121 - AT - Income TaxMAT computation - Bringing to tax the Net Profit declared in the Profit & Loss Account as Book Profit under the provisions of section 115JB - Held that:- As in CAIRN EXPLORATION (NO. 7) LTD & 1 VERSUS UNION OF INDIA & 2 [2010 (10) TMI 1182 - GUJARAT HIGH COURT] similar issue has already decided the issue raised in the appeal in its case against the assessee. The Court in above case does not find the impugned provision to be in any manner unconstitutional, hence, the question of reading it down to save its constitutional validity does not arise, Besides, the provisions of clause (iii) of the Explanation to section 115JB are clear and ambiguous and it is not possible to take two views as to the meaning of the statutory language. Hence, the request to read down the provision also does not merit acceptance. Consequently, the question of directing the respondents to allow reduction of the brought forward losses of the petitioner company from the net profit in order to compute book profits under section 115JB of the Act in absence of any unabsorbed depreciation in the assessment year under consideration, also cannot be accepted - Decided in favour of revenue
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