Losses adjusted in the books under corporate reorganization are available for set off in computing book profit under MAT provisions

J. K. Lakshmi Cement Ltd. (Taxpayer) Vs ACIT (ITAT Kolkata)- In computing the book profit for the assessment years 2006-07 and 2007-08, the assessee was entitled to deduction in terms of clause (iii) of the Explanation to section 115JB(2) of the Act the adjustment of debit balance in the Profit

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