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2020 (1) TMI 117 - ITAT KOLKATAMAT Computation u/s 115JB - deduction of agriculture income - income from tea growing & manufacturing business - CIT(A) confirming the action of ld. A.O. who computed book profit u/s 115JB by deducting the exempt income u/s 10(1) - HELD THAT:- As perused the fact of the case including the findings of the ld CIT(A) and other materials available on record. We note that the only ground in appeal for the year, is in the AO determining book profits u/s. 115JB by incorrectly deducting exempt agricultural income u/s. 10(1) of the I. T. Act at ₹ 1,19,74,638/-, as against ₹ 2,08,86,160/- correctly deductible. We note that exempt agricultural income u/s. 10(1) is a sum of ₹ 2,08,86,160/-, as worked out in the order by the AO, while computing taxable income as per normal income tax provisions, [₹ 3,48,10,266/- being the revised composite income less ₹ 1,39,24,106 being forty percent income chargeable to tax under I. T. Act as per Rule 8]. Therefore, we direct the Assessing Officer to take agricultural income u/s 10(1) at ₹ 2,08,89,160/- to compute book profit u/s 115JB of the Act. - Appeal of assessee allowed.
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