Amendment of section 115JB.

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..... 56: , (1 of 1956.) the following shall be substituted, namely: Every assessee, (a) being a company, other than a company referred to in clause (b), shall, for the purposes of this section, prepare its profit and loss account for the relevant previous year in accordance with the provisions of Part II of Schedule VI to the Companies Act, 1956; (1 of 1956.) or .....

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..... s account or if any amount referred to in clause (j) is not credited to the profit and loss account, and as reduced by, . - Clause 46 of the Bill seeks to amend section 115JB of the Income-tax Act relating to special provision for payment of tax by certain companies. The existing provisions of sub-section (2) of aforesaid section 115JB provide that every assessee being a company shall prep .....

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..... accordance with the provisions of the Act governing such company. Explanation 1 to the aforesaid section provides book profit means the net profit as shown in the profit and loss account for the relevant previous year under sub-section (2) of the aforesaid section as increased by the amount specified in clause (a) to clause (i). It is proposed to amend the aforesaid Explanation to ins .....

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