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2019 (8) TMI 1261 - AT - Income TaxMAT computation - deduction of capital gains which are exempt u/s.54EC for the purpose of computing book profit u/s.115JB - HELD THAT:- In the light of the binding decision of CIT-III, Chennai vs. M/s.Metal & Chromium Plater (P.) Ltd [2016 (11) TMI 1021 - MADRAS HIGH COURT] we hold that the capital gains which are exempt u/s.54EC cannot be reckoned for the purpose of computing book profit u/s.115JA. It was held that the adjusted book profits would be further eligible to the benefits set out in the other provisions of the Act and the plain language of Section 115 JB thus admits of the grant of relief u/s 54 EC in an assessment thereunder. - decided in favour of assessee
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