https://www.taxtmi.com/article/detailed?id=5186 The article contends that levies under Sections 115J, 115JA and 115JB are constitutionally and statutorily suspect because amounts collected are provisional and creditable and thus not a final tax on income; book profit as shown in accounts is not equivalent to taxable income or defined excess profit; and differing permitted accounting policies among companies produce discriminatory tax outcomes. The author urges more focused litigation and calls for statutory uniform accounting standards if tax on book profit is to be sustained. en-us Wed, 10 Jul 2013 10:22:43 +0530 Thu, 11 Jul 2013 11:45:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=5186 The article contends that levies under Sections 115J, 115JA and 115JB are constitutionally and statutorily suspect because amounts collected are provisional and creditable and thus not a final tax on income; book profit as shown in accounts is not equivalent to taxable income or defined excess profit; and differing permitted accounting policies among companies produce discriminatory tax outcomes. The author urges more focused litigation and calls for statutory uniform accounting standards if tax on book profit is to be sustained. Articles Income Tax Wed, 10 Jul 2013 10:22:43 +0530 https://www.taxtmi.com/article/detailed?id=5186