Calculation of MAT U/s 115JB

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Alok Kumar (Querist)
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14 September 2009 A company in 4th year i.e.,AY 2009-10 of running shows Net profit of Rs.4511501

Prior to this Losses are:
In AY 2006-07 Business loss 1152715 and Unabsorbed Depreciation 1459834
In AY 2007-08 total Buisness Loss 2768988 in which depreciation Debited 4125445 hence only unabsorbed depreciation.
and in AY 2008-09 Business loss 2289291 and Unabsorbed Depreciation 3509581.

My question is to what is the amount for set off while calculating Book profit in regards to unabsorbed depreciation or business loss whicever is lower.

Thanks in advance

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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14 September 2009 Total of business loss is Rs.3442006/-
Total of depreciation is Rs. 7738403/-
So business loss Rs.3442006/-,being least among the above, can be set off assuming that the figures given are as per books and not as per IT computations.

Citation :- Aniline Textiles P Ltd Vs.ITO (2009) 27 SOT 152 (Mum-Tri).

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Alok Kumar

Alok Kumar (Querist)
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14 September 2009 first of all thanks for the reply

my computation is also 3442006 but i have a doubt regarding AY 2007-08 where there is business profit of rs.1356457 before depreciation.if we club the Losses and profit for 3 years starting AY 06-07 to Ay 08-09 it comes to Rs 2085549 and not 3442006.

if you have a text or link of the Aniline textile decision pls send me.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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15 September 2009 It is better to exclude assessment year 2007-08 in view of clause (b) to the explanation to sub clause (iii) to clause (h) to explanation 1 to sub section (2) of section 115JB read along with the decision in:-

SLF Chains P ltd Vs. ACIT (2006) 283 ITR (AT) 246 (Amritsar).

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