Concessional penalty for search-disclosed unreconciled jewellery applies where substantive disclosure conditions are met despite omission from origina...
Computation of book profit u/s 115JB does not allow inclusion of capital gain from sale of flats with indexed cost benefit. Section 115JB requires calculation of book profit in accordance with Part-II and Part-III of Schedule VI of Companies Act, subject to adjustments provided therein. Absence of specific clause allowing claimed benefit precludes assessee from calculating book profit by including net gains from sale of capital assets after claiming indexed cost of acquisition. Appeal dismissed, confirming view taken by CIT(Appeals).
Computation of book profit u/s 115JB does not allow inclusion of capital gain from sale of flats with indexed cost benefit. Section 115JB requires calculation of book profit in accordance with Part-II and Part-III of Schedule VI of Companies Act, subject to adjustments provided therein. Absence of specific clause allowing claimed benefit precludes assessee from calculating book profit by including net gains from sale of capital assets after claiming indexed cost of acquisition. Appeal dismissed, confirming view taken by CIT(Appeals).
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