https://www.taxtmi.com/caselaws?id=122147 The tribunal upheld the CIT's decision to invoke section 263 and order the reassessment of book profit under section 115JB. It ruled that capital gains exempt under section 47(iv) must be included in the book profit as per the Companies Act and cannot be excluded unless specified in the Explanation to section 115JB. Emphasizing the self-contained nature of section 115JB, the tribunal held that its provisions must be strictly followed, overriding other Income-tax Act provisions. The appeal was dismissed, affirming the inclusion of exempt capital gains in the book profit calculation. en-us Fri, 02 Jul 2010 00:00:00 +0530 Wed, 16 Aug 2023 17:02:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=122147 The tribunal upheld the CIT's decision to invoke section 263 and order the reassessment of book profit under section 115JB. It ruled that capital gains exempt under section 47(iv) must be included in the book profit as per the Companies Act and cannot be excluded unless specified in the Explanation to section 115JB. Emphasizing the self-contained nature of section 115JB, the tribunal held that its provisions must be strictly followed, overriding other Income-tax Act provisions. The appeal was dismissed, affirming the inclusion of exempt capital gains in the book profit calculation. Case-Laws Income Tax Fri, 02 Jul 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=122147