TMI BlogRelief in tax payable under sub-section (1) of section 115JB due to operation of sub-section (2D) of section 115JBX X X X Extracts X X X X X X X X Extracts X X X X ..... e by the assessee company under sub-section (1) of section 115JB, for the previous year referred to in that section, shall be reduced by the following amount, namely:- (A-B) (D-C), where, A = tax payable by the assessee company under sub-section (1) of section 115JB on the book profit of the previous year including the past income; B = tax payable by the assessee company under sub-secti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ar on account of an advance pricing agreement entered into by the assessee under section 92CC or on account of secondary adjustment required to be made under section 92CE. (3) On application of provision of sub-rule (1), the tax credit allowed to the assessee under section 115JAA shall be reduced by the amount which is equal to the amount of reduction that has been allowed under sub-rule (1). ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nts so furnished under this rule. Explanation 1.- The value of amount A in the formula shall be deemed to be zero, if there is no tax payable under sub-section (1) of section 115JB on the book profit of that previous year including the past income. Explanation 2.- The value of amount B in the formula shall be deemed to be zero, if there is no tax payable under sub-section (1) of sect ..... X X X X Extracts X X X X X X X X Extracts X X X X
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