Computation of book profit u/s 115JB of the Income Tax Act

Last updated: 13 September 2021
Quick Summary
The Income Tax Appellate Tribunal (ITAT) Delhi has ruled in favour of the assessee, M/s B R Agrotech Ltd., concerning the computation of book profit under section 115JB of the Income Tax Act. The Tribunal found that the Assessing Officer erred in not considering Circular No. 68 dated 17-11-1971. The case involved the treatment of Excise Duty subsidy and Focus Product Scheme (FTS)/Focus Market Scheme (FMS) as capital receipts. The Tribunal allowed all appeals, stating that the schemes were intended to generate permanent employment in Jammu and Kashmir, thus qualifying as capital in nature.

Court :
ITAT Delhi

Brief :
The present appeals have been fi led by the assessee against the orders of ld. CIT(A)-2, New Delhi dated 24.04.2019.

Citation :
ITA No. 6244/Del/2019 : Asstt. Year : 2011-12

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1 Year PLAN
1999
(Excl. of GST ₹359)

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2 Years PLAN
3499
(Excl. of GST ₹629)

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