Indexed cost of acquisition can be reduced to compute book profits U/s. 115JB

Best Trading And Agencies Ltd. Vs. DCIT (Karnataka High Court) The issue under consideration is whether the indexed cost of acquisition can be reduced for the purpose of computing book profits under Section 115JB of the Act? High Court states that, by virtue of sub-Section (5) of Section 115JB, the application of other provisions of the Act are open, except if specifically barred by the Section itself. The indexed cost of acquisition is a claim allowed by Section 48 of the Act to arrive at the income taxable under the income from capital gains. The difference between the sale consideration and...