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of <h1>Tax Tribunal Upholds CIT(A) Order on Section 115JB Calculation</h1> <h3>D.C.I.T., Circle-6, Kolkata Versus Ori Finance Ltd.</h3> The Tribunal dismissed the Revenue's appeal, confirming CIT(A)'s order regarding the interpretation and application of tax calculation u/s 115JB for the ... - Issues involved: Appeal by Revenue against CIT(A) order regarding tax calculation u/s 115JB for A.Yr. 2007-08.Issue 1: Interpretation of tax calculation u/s 115JBThe Revenue contended that tax should be calculated u/s 115JB, while CIT(A) held for normal computation of total income. The Tribunal referred to a previous decision and explained that if the tax payable under normal provisions exceeds 10% of book profit, MAT provision u/s 115JB does not apply. The Tribunal clarified that tax payable u/s 115JB is gross tax before rebate under other provisions. The appeal of the Revenue was dismissed based on this interpretation.Issue 2: Comparison of tax payable with book profitThe Revenue argued that tax payable on total income should be compared with 10% of book profit u/s 115JB before giving credit for rebate u/s 88. The Tribunal reiterated that if tax under normal provisions exceeds 10% of book profit, MAT provision does not apply. The Tribunal upheld CIT(A)'s decision, stating that the tax payable on income computed under normal provisions was greater than 10% of book profit. Consequently, the appeal of the Revenue was dismissed.Conclusion: The Tribunal dismissed the Revenue's appeal, confirming CIT(A)'s order regarding the interpretation and application of tax calculation u/s 115JB for the relevant assessment year.
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