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2019 (9) TMI 446 - HC - Income TaxMAT computation - reserve created for unexpired risk - HELD THAT:- We admit this appeal on the following questions of law:- (i) Whether on the facts and in the circumstances of the case the learned tribunal has erred in law in holding that a sum of ₹ 161,86,66,000/- being the reserve created for unexpired risk not to be added while computing the book profit under Section 115JB of the Income Tax Act, 1961 without considering the fact that Clause- (b) to explanation 1 of Section 115JB(2), book profit has to be increased by the said reserve? (ii) Whether on the facts and in the circumstances of the case the learned tribunal has erred in law in holding that a sum of ₹ 87,78,52,000/- being the reserve created for unexpired risk should be considered as reserve for computing the book profit under Section 115JB of the Income Tax Act, 1961?
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