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Commissioner of Income Tax III, Chennai Versus M/s Metal & Chromium Plater (P) Ltd,

2016 (11) TMI 1021 - MADRAS HIGH COURT

MAT computation - whether Capital gains which form part of the net profit is the profit and loss account of the assessee company, should not be taken into account for calculation of tax on book profits as per section 115JB? - Held that:- 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 adjust .....

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hereunder. - Decided against arevenue - TCA.No.359 of 2008 - Dated:- 9-11-2016 - MR.JUSTICE NOOTY. RAMAMOHANA RAO & DR.JUSTICE ANITA SUMANTH For the Appellant : Mr. T. R. Senthilkum Senior Standing Counsel (I.T) For the Respondent : Mr T.Poornam J U D G M E N T [Judgment of the Court was made by Anita Sumanth, J.] 1. The assessment year is 2003-2004. We are called upon to decide the following substantial question of law admitted for our consideration. "Whether on the facts and in the ci .....

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ficer does not question the eligibility of the assessee to such exemption in regular computation. In so far as the tax payable as per regular computation was less than 7.5% of the Book Profits, the provisions of Minimum Alternate Tax (MAT) stood attracted. While processing the computation of tax in terms of Section 115JB of the Act, the assessing officer was of the view that the assessee was not entitled to the grant of relief u/s 54EC of the Income Tax Act. 3. Placing reliance on the judgment o .....

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rders 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 .....

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