2012 (1) TMI 59 - HC - Income Tax

High Court clarifies deductions under Section 115JB of Income Tax Act

The High Court of Himachal Pradesh disposed of multiple appeals together by referring to a Supreme Court case to settle the issue of computation of ... Minimum Alternative Tax - computation of Book profit for the purpose of MAT – reduction of book profit by deduction allowable u/s 80HHC (Export Benefit) - whether deduction under clause (iv) of the Explanation to Section 115JB to be computed on the basis of the book profits and not on the basis of profits computed under the provisions of the Act – Held that:- The issue is no more res integra and has been decided in case of Ajanta Pharma Limited versus CIT (2010 - TMI - 77381 - Supreme Court). The High Court of Himachal Pradesh disposed of multiple appeals together, addressing a common substantial question of law regarding the computation of deductions under Section 115JB of the Income Tax Act. The court referred to a Supreme Court case to settle the issue, leading to the disposal of all appeals.