Dakshin Gujarat Vij Co.Ltd.,, Surat vs The Dy.Cit.,Circle-1(1),, Baroda on 16 November, 2023
39. At the outset, we note the learned AR of the assessee at the time of hearing
before us conceded that the issue is covered against the assessee vide amended
provision of explanation 1 to section 115JB of the Act. The provision of explanation
1 to section 115JB of the Act was amended vide Finance Act 2008 with
retrospective effect from 1st April 2001. As per clause (h) of explanation 1 to
ITA No. 191/Ahd/2011
Dakshin Gujarat Vij Co. Ltd Vs. DCIT
A.Y. : 2006-07
15
section 115JB of the Act, the book profit shall be the net profit shown in profit and
loss account which is to be increased by the amount of deferred tax assets or
provision thereof. Therefore, considering the amended provision of clause (h) of
explanation 1 to section 115JB of the Act, we do find any infirmity in order of the
learned CIT(A). Hence, the ground of appeal of the assessee is hereby dismissed.