Matter restored for AO’s disallowance which was not in terms with section 115JB for fresh verification

Global Vectra Helicorp Ltd. Vs DCIT (ITAT Delhi) Conclusion: Tribunal restored the matter of AO’s disallowance, which was deemed inconsistent with Section 115JB by directing assessee’s claim of deduction for computing book profit under Section 115JB required fresh verification in the light of the Chart furnished by assessee, which had been reproduced in the order. Held: Assessee was a resident corporate entity, stated to be engaged in the business of flying, operating, letting on hire, lease and charter hire of helicopters and providing aviation services in respect of helicopters. For the ...