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2015 (11) TMI 1262 - ITAT BANGALORE

2015 (11) TMI 1262 - ITAT BANGALORE - TMI - MAT - whether credit u/s 90 would be given on tax liability under the provisions of Sec.115JB? - CIT(A) allowed claim - Held that:- The income on which tax has been paid abroad was included in ‘book profit’ for the purpose of Sec.115JA. It was held that once taxable income was determined either under the normal provisions of the Act or as per Sec.115JB, subsequent portion relating to computation of the tax has to be governed by the normal provision of .....

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anya, K.K. Advocate ORDER PER SHRI ABRAHAM P GEORGE, AM: In this appeal filed by the revenue its grievances is against allowing of relief to assessee u/s 90 of the IT Act, while computing tax liability under the provisions of Sec.115JB of the IT Act, 1961. 2. Learned DR submitted that taxes u/s 115JB of the Act, stood on a different footing than the regular tax computed under other provisions of the Act. Therefore, according to him, rebate for taxes paid in a foreign country could not be granted .....

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