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Long term capital gain cannot be excluded from net profit for purpose of computing book profit under section 115JB
Case Law Details
- Case Name
- M/S Rain Commodities Ltd. Vs. Dy. CIT (ITAT Hyderabad)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2004- 05
- Courts
- All ITAT, ITAT Hyderabad
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Citation: Rain Commodities Ltd. Vs. DCIT (ITA No. 673/Hyd/2009)
Court: ITAT, HYDERABAD BENCH, SPECIAL BENCH ‘B’, HYDERABAD
Merely because the long term capital gain is exempt under section 47(iv) under the normal provision of the Act, it is not correct to say that it is also to be reduced from the net profit for the purpose of computing book profit under section 115JB of the Act when the Explanation to section 115JB does not provide for any deduction in terms of section 47(iv)
Facts:
Rain Commodity Limited (‘Assessee’) is a company and filed its return of income for the assessment year...
