Long term capital gain cannot be excluded from net profit for purpose of computing book profit under section 115JB

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...