If a company is availing deduction u/s. 80IA on profits derived from it's industrial undertaking, can it avail the same as a deduction while computing profits u/s. 115JB for the purpose of calculating tax as per MAT provisions?
If a company is availing deduction u/s. 80IA on profits derived from it's industrial undertaking, can it avail the same as a deduction while computing profits u/s. 115JB for the purpose of calculating tax as per MAT provisions?
Companies claiming deduction u/s 80IA are liable to MAT and the deduction u/s 80IA cannot be reduced while calculating the Book Profit under provisions of MAT .
Regards,
Devendra K
Dear Mr. Devender,
I hold a similar view but after so many years of your post and changes in law, need a bit more clarification if can help.
What does section 115JB(5) specifically denotes if deductions can't be claimed while computing the book profit. Reproduced for your convenience:
(5) Save as otherwise provided in this section, all other provisions of this Act shall apply to every assessee, being a company, mentioned in this section.
Also, would request you to throw some light on the below judgement
"Neha Home Builders Pvt. Ltd., ... vs Cit - 13, Mumbai on 22 January, 2018".
Will be really grateful for your valuable insights.
Thanks and Regards
CAclubindia
