Every person to which this sub-section applies, shall furnish a report in the prescribed form from an accountant, certifying that the adjusted total income ... this section, all other provisions of this Act shall apply to every assessee mentioned in this section. [ Similar to Section 115JAA , Section 115JB , Section 115JC
Companies Act. Further, the Explanation (3) to sub-section (2) of
Section 115JB of the Act, inserted by the Finance Act, 2012 , states
that ... second proviso to
Section 129(1) of the Companies Act, Clause (b) of sub-section (2) of
Section 115JB of the Act, and the Memorandum
section (1) of section
143 ;
(e) the amount of deemed total income
assessed as per the provisions of section 115JB
or section 115JC is greater ... section 115JC ;
D = the total income that would have been
chargeable had the total income assessed as
per the provisions contained in section 115JB
deduction under Section 10B , the said order of
assessment under Section 143(3) would supersede the
intimation issued under Section 143(1) wherein the
disallowance ... account of the deduction under Section
10B , and the taxes were paid pursuant to the provisions
of Section 115JB . Thus, even the tax computation sheet
section 115JA as
the case may be; or"
In view of the above as per the provision explanation 1 of sec
115JB, while ... under
Section 115 JB of the Income-tax Act, 1961?"
THE DECISION
9. The primary issue for our determination is whether Section
115JB
under Section 43B of the Act, and
disallowance made under Section 14 of the Act were not covered by
provisions of Section 115JB ... subsection (2) and sub-section (3) of section 14A cannot be
imported into clause (f) of explanation to Sec 115JB.
Therefore, the disallowance made
return of income was
processed under Section 143(3) of the Act, invoking the
provisions of Section 115JB of the Act providing for Minimum
Alternate ... extent provided in the Section.
What is 'book profit", has been provided under explanation 1 to
Section 115JB of the Act. The relevant
under normal provisions as well as under the provisions of Sec. 115JB . The
appellant is also of the view that the incentives in the nature ... allow the claim of Deduction u/s 80-IA and
80-IC while computing book profit u/s 115JB of the Act.
6. That
assessment u/s 143(3) was completed determining total Income at
Rs.89,66,31,002/- as business income and Income u/s 115JB ... unexpired premium reserve falls under clause(c) of explanation-1 to
section 115JB and confirmed the addition.
9.1 We have heard the rival submissions
assessment u/s 143(3) was completed determining total Income at
Rs.89,66,31,002/- as business income and Income u/s 115JB ... unexpired premium reserve falls under clause(c) of explanation-1 to
section 115JB and confirmed the addition.
9.1 We have heard the rival submissions
