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Showing contexts for: echjay in Aditya Medisales Limited,, Baroda vs The Dy.Cit, Circle-1(1),, Baroda on 29 March, 2019Matching Fragments
6.2 In the result, Ground No.4 is accordingly dismissed.
7. Ground No.5 concerns adjustment to the book profit computed under s.115JB of the Act towards provision of wealth tax of Rs.34,940/-.
7.1 The assessee seeks to claim that wealth tax is not a tax defined under Explanation 2 to Clause (a) of Explanation 1 to Section 115JA of the Act. In parity with the decision of the co-ordinate bench in ASB International (P.) Ltd. 26 taxmann.com 87 (Mum) and CIT vs. Echjay Forgings (P.) Ltd. 251 ITR 15 (Bom.), the AO is directed to exclude the provision for wealth tax for the purposes of computation of book profit.