https://www.taxtmi.com/caselaws?id=65591 The tribunal rejected the assessee's claim to deduct long-term capital gains exempted under Section 54EC from the net profit for computing book profit under Section 115JB. The tribunal emphasized that Section 115JB is a self-contained code with specific provisions for computing book profit and adjustments allowed are explicitly mentioned in the Explanation to Section 115JB. The issue of set-off of brought forward losses was dismissed as not pressed. The disallowance of expenses related to dividend income was remanded to the AO for fresh adjudication in light of the latest legal position on Section 14A of the Act. en-us Fri, 22 May 2009 00:00:00 +0530 Thu, 06 Jun 2013 10:24:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=65591 The tribunal rejected the assessee's claim to deduct long-term capital gains exempted under Section 54EC from the net profit for computing book profit under Section 115JB. The tribunal emphasized that Section 115JB is a self-contained code with specific provisions for computing book profit and adjustments allowed are explicitly mentioned in the Explanation to Section 115JB. The issue of set-off of brought forward losses was dismissed as not pressed. The disallowance of expenses related to dividend income was remanded to the AO for fresh adjudication in light of the latest legal position on Section 14A of the Act. Case-Laws Income Tax Fri, 22 May 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=65591