https://www.taxtmi.com/caselaws?id=75534 Book profit under section 115J is computed as a self-contained statutory code, beginning with the profit and loss account prepared under the Companies Act and allowing only the adjustments expressly permitted by the Explanation to section 115J(1A). The non obstante clause overrides the normal computation provisions of the Income-tax Act, so exemptions available under other charging or exemption provisions do not apply unless specifically incorporated for section 115J. On that basis, long-term capital gains otherwise eligible for exemption under section 54E cannot be excluded from book-profit computation under section 115J. en-us Wed, 20 Feb 2008 00:00:00 +0530 Thu, 31 Jan 2013 14:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=75534 Book profit under section 115J is computed as a self-contained statutory code, beginning with the profit and loss account prepared under the Companies Act and allowing only the adjustments expressly permitted by the Explanation to section 115J(1A). The non obstante clause overrides the normal computation provisions of the Income-tax Act, so exemptions available under other charging or exemption provisions do not apply unless specifically incorporated for section 115J. On that basis, long-term capital gains otherwise eligible for exemption under section 54E cannot be excluded from book-profit computation under section 115J. Case-Laws Income Tax Wed, 20 Feb 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=75534