Transfer to special reserve U/s. 45-IC of RBI Act is a part of book profit U/s. 115JB

Brief Facts of the Case and Question of Law

Brief Facts

For Assessment year 2006-07 the Tribunal while computing book profit under Section 115JB confirmed the addition of Rs. 9,80,00,000/- transferred to the special reserve pursuant to the provisions of Section 45-IC of the Reserve Bank of India Act, 1934 under Clause (b) of the Explanation to Section 115JB. And for the Assessment year 2007-08 Tribunal,while computing book profit under Secti

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