Income Tax - Highlights / Catch Notes
Income Tax - MAT computation - Adjustments u/s 115JB - reduction of...
MAT computation - Adjustments u/s 115JB - reduction of debenture redemption reserve - the liability, for the discharge of which the profits are being set aside, is in the capital field, so that neither the liability (on its assumption) nor the profit set aside (for its discharge) could be considered as a charge against the profits. This is precisely the reason that the same is not either claimed or allowed as deduction in the computation of income under the regular provisions of the Act. - The adjustment made by the assessee in the computation of book profit undersection115JB gets validated. - AT