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2010 (10) TMI 33 - HC - Income TaxMAT - minimum alternate tax - adjustment to book profit u/s 115JB - Brought forward loss - as on 31.03.2001, there were accumulated losses to the tune of Rs.34,67,03,948 which were brought forward in the relevant Assessment Year, i.e., on 01.04.2001. However, on the close of this Financial Year, i.e., 31.03.2002, there were no accumulated losses as these were reduced to "NIL" due to the reduction of share capital - AO denied the adjustment on account of brought forward loss for the FY 2001-2002 as same is NIL - Held that: - the expression "losses brought forward" would mean the losses which existed as on the last date of the previous Financial Year and brought forward in the current Financial Year that are to be adjusted, as figure of book profit, is to be reduced thereby
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