As per sec 115JB in calculating book profit the profit of the P/L Account increased by all reserve except specified under sec 33AC
Court :
INCOME TAX APPELLATE TRIBUNAL
Brief :
On the facts and circumstances of the case and in law the CIT(A) has erred in not appreciating that clause(b) of the Explanation(1) of Sec. 11 5JB provides that for calculating book profit the profit as shown in the profit and loss account has to be increased by all reserves by whatever name called, other than a reserve specified uls.33AC.
Citation :
The Income Tax Officer-7(3)(2),Mumbai......(Appellant)Vs.M/s United Estate P. Ltd.,.......(Respondent)
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CS Bijoy
Published in Income Tax
Views : 4615
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