Capital Gains Exempt U/s. 10(38) Excluded from Section 115JB Book Profits

PCIT-4 Vs Hespera Reality Pvt Ltd (Delhi High Court) Delhi High Court held that proviso to section 10(38) of the Income Tax Act doesn’t mean that if gains are not included as book profits u/s. 115JB, the same are liable to be included as income for purpose of assessment of tax under normal provisions. Facts- The Revenue had preferred the present appeal against the order dated 20.01.2020 passed by CIT(A) in respect of the assessment year (AY) 2015-16, whereby the CIT(A) had held that the respondent (assessee) was entitled to exemption of an amount of ₹2,47,52,73,951/- u/s. 10 (38) of the Ac...