Admissibility of deduction from book profit of reduction in revaluation reserve under MAT provisions
Case Law Details
Case Name : Indo Rama Synthetics (I) Ltd. (Delhi High Court)
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We summarised here the ruling of the Delhi High Court (HC) [2009-TIOL-531-HCDEL-IT] in the case of Indo Rama Synthetics (I) Ltd. (Taxpayer) where the HC, upholding the order of the Income Tax Appellate Tribunal (ITAT), denied reduction from book profit, for the purpose of Section 115JB (Section) of the Indian Tax Law (ITL), of the amount withdrawn from revaluation reserve. This is for the reason that such reserve was not added back to the net profit in the year of creation of revaluation reserve (year of creation), in terms of the requirement of the Section.Please become a Premium member. If you are already a Premium member, login here to access the full content.
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