Section 115JB: Receipt not in nature of income, cannot be included in book profits

Batliboi Limited Vs DCIT (ITAT Mumbai) Issue regarding non-taxability of Rs.4,27,43,000/- by treating the same as capital receipt for the purpose of Section 115JB of the Act though not claimed before the lower authorities by the assessee, is being claimed for the first time before this Tribunal. We find that this is purely a legal issue and does not involve verification of any facts and hence, the same can be claimed for the first time before this Tribunal. Reliance in this regard is placed on the decision of Hon’ble Supreme Court in the case of NTPC Ltd., reported in 229 ITR 383 and CIT...