Sec 115JB not contained any provision to allow deduction under sec 54EC

Last updated: 02 July 2012

Court :
INCOME TAX APPELLATE TRIBUNAL

Brief :
The main fact of the case is that there is no provision in section 115JB to allow deduction under section 54EC of the Act. Computation of book profit is provided under section 115JB, which is a separate code by itself, wherein the first step is to compute book profit by taking into consideration the profit declared in the P & L Account of the assessee prepared in accordance with the provisions of part II & III of Schedule 6 of Companies Act and thereafter permissible adjustments in the form of additions and deductions are provided. Any claim which did not form within the compass of permissible adjustments cannot be taken into consideration.

Citation :
Bakhtawar Construction Co. P. Ltd. Meher House, 1st Floor 15, Cawasji Patel Street, Fort Mumbai 400001 PAN - AAACB 4942 P Applicant Vs. Income Tax Officer - 2(1)(1) Aayakar Bhavan, M.K. Road Mumbai 400020 Respondent