Loss on sale of investment not deductible from book profits u/s 115JB

Pricol Limited Vs DCIT (ITAT Chennai)

ITAT Chennai held that as capital profit are to be excluded while computing book profit u/s 115JB, similarly, the adjustment of loss could also not be allowed u/s 115JB. Hence, loss on sale of investment could not be reduced from Book Profits u/s 115JB of the Income Tax Act.

Facts- The sole issue that arises for consideration in the present case is determination of Book-Profits u/s 115JB vis-à-vis loss suffered by the assessee on loss

Please become a Premium member. If you are already a Premium member, login here to access the full content.