TMI Blog2016 (11) TMI 1021X X X X Extracts X X X X X X X X Extracts X X X X ..... 5 JB open the assessment to the application of all other provisions contained in the Income tax Act except if specifically barred by that section itself. S.115 JB (5) Thus, 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 under section 54 EC in an assessment thereunder. - Decided against arevenue - TCA.No.359 of 2008 - - - Dated:- 9-11-2016 - Nooty Ramamohana Rao And Dr. Anita Sumanth JJ. For the Appellant : Mr. T.R.Senthilkum Senior Standing Counsel (I.T) For the Respondent : Mr T. Poornam JUDGMENT ANITA SUMANTH, J. 1. The assessment year i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... oner of Income Tax (Appeals) and the Income tax Appellate Tribunal, at the instance of the Assessee and thereafter the Revenue were decided in favour of the Assessee vide orders dated 20.6.2006 and 25.10.2007 respectively which are assailed in appeal before us in terms of Section 260 A of Income Tax Act. 5. We have heard Mr.T.R.Senthilkumar, learned Senior Standing Counsel appearing for the appellant and Mr T.Poornam, learned counsel appearing for the respondent assessee. 6. The allowance or otherwise of the claim under Section 54AC has to be seen in the context of the provisions of Section 115 JB which is a self contained code of assessment. The levy of tax is on the book profits after effecting various upward and downward ad ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 15 JA or (5) of section 115 JB of the Act. Thus while an assessment u/s 115J would be concluded exclusively on the basis of the book profits as adjusted by the items set out in the Explanation thereunder, in an assessment in terms of sections 115 JA or JB, the adjusted book profits would be further subjected to the effect of other provisions of the Act that are specifically brought into play by virtue of sub-sections (4) of section 115JA and (5) of section 115JB. 8. Reliance of the learned standing counsel on the decision of the Division Bench of the Kerala High Court in the case of N.J.Jose and Co.(P) Ltd. vs. Asst. Commissioner of Income Tax and another (321 ITR 133) is also distinguishable for the same reason as aforesaid. 9. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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