https://www.taxtmi.com/caselaws?id=241949 The Tribunal allowed the Revenue's appeal, confirming the Assessing Officer's authority to adjust incorrect claims apparent from the return under Section 143(1) of the Income Tax Act, 1961. This included applying the Minimum Alternate Tax provision under Section 115 JB to a company claiming deduction under Section 80-IC. The Tribunal held that the deduction under Section 80-IC was not an item of adjustment in computing book profits under Section 115 JB, making the claim for such deduction during the book profits computation an incorrect claim. Consequently, the Assessing Officer was justified in making the adjustment under Section 143(1). en-us Thu, 23 May 2013 00:00:00 +0530 Sat, 04 Jan 2014 07:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=241949 The Tribunal allowed the Revenue's appeal, confirming the Assessing Officer's authority to adjust incorrect claims apparent from the return under Section 143(1) of the Income Tax Act, 1961. This included applying the Minimum Alternate Tax provision under Section 115 JB to a company claiming deduction under Section 80-IC. The Tribunal held that the deduction under Section 80-IC was not an item of adjustment in computing book profits under Section 115 JB, making the claim for such deduction during the book profits computation an incorrect claim. Consequently, the Assessing Officer was justified in making the adjustment under Section 143(1). Case-Laws Income Tax Thu, 23 May 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=241949