https://www.taxtmi.com/caselaws?id=221648 The court upheld the validity and constitutionality of the retrospective amendment to Section 115JB of the Income Tax Act, 1961, which required the inclusion of provisions for diminution in the value of assets in the book profit for tax computation. The court rejected claims of discrimination or unreasonableness, stating the amendment aimed to prevent tax avoidance. The petitioner's request for a refund of tax paid due to the amendment was dismissed, with the court advising pursuit of remedies under the Income Tax Act for any genuine hardship. en-us Thu, 28 Feb 2013 00:00:00 +0530 Thu, 11 Jul 2013 16:42:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=221648 The court upheld the validity and constitutionality of the retrospective amendment to Section 115JB of the Income Tax Act, 1961, which required the inclusion of provisions for diminution in the value of assets in the book profit for tax computation. The court rejected claims of discrimination or unreasonableness, stating the amendment aimed to prevent tax avoidance. The petitioner's request for a refund of tax paid due to the amendment was dismissed, with the court advising pursuit of remedies under the Income Tax Act for any genuine hardship. Case-Laws Income Tax Thu, 28 Feb 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=221648