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M/s Innovative Colonisers (P) Ltd. Versus The D.C.I.T., Central Circle-1, Delhi

2017 (1) TMI 782 - ITAT CHANDIGARH

MAT applicability - Requirement to pay taxes on Book Profits as per the provisions of section 115JB - exclusion provided under section 115JB(6) - AO rejected the contention of the assessee and applied the provisions of section 115JB of the Act calculating tax under MAT and levied the same - Held that:- The assessee conceded that the findings of the Ld. CIT (Appeals), that the assessee did not qualify as an entrepreneur or developer as defined under SEZ Act, nor was situated in a unit or Special .....

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by the assessee. - ITA No. 421/Chd/2016 - Dated:- 10-1-2017 - Shri Bhavnesh Saini, Judicial Member And Ms. Annapurna Gupta, Accountant Member Appellant by : Shri Sudhir Sehgal Respondent by : Shri Ravi Sarangal, DR ORDER Per Annapurna Gupta, A. M. The appeal filed by the assessee is directed against the order of learned Commissioner of Income Tax (Appeals)-5, Ludhiana dated 23.2.2016 relating to assessment year 2012-13. 2. The only issue in the present appeal relates to claim of the assessee tha .....

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of ₹ 1,94,84,876/-. As per the Audit Report, the book profit of the company amounted to ₹ 2,84,99,344/- but the assessee did not pay any tax on the same under the provisions of MAT i.e. under section 115JB, stating that in view of section 115JB(6) of the Act it was excluded from the applicability of the same. The Assessing Officer rejected the contention of the assessee and applied the provisions of section 115JB of the Act calculating tax under MAT and levied the same. 4. The matter .....

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d been inserted by the Special Economic Zones(SEZ) Act, 2005, which defined the terms "Units", "Special Economics Zone", "Developer" and "Entrepreneur" and the assessee was neither an entrepreneur or developer as defined under SEZ Act, nor was it situated in a unit or SEZ as defined under SEZ Act. He, therefore, held that the assessee's did not fall under section 115JB(6) of the Act and thus upheld the action of the Assessing Officer charging Minimum A .....

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up by an entrepreneur in a Special Economic Zone and includes an existing Unit, an Offshore Banking Unit and a Unit in an International Financial Services Centre, whether established before or established after commencement of this Act. and "Special Economic Zone" means each special Economic Zone notified under the proviso to sub-section (4) of section 3 and sub-section (1) or section 4 (including Free Trade and Warehousing Zone) and includes an existing Special Economic Zone, Further .....

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