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 on investments. Conclusion- Held that capital profits, which do not have component of income, are to be excluded while com...