https://www.taxtmi.com/caselaws?id=242650 Section 115JB requires book profit to be computed from the net profit shown in the profit and loss account, subject only to the specific additions and reductions in the Explanation. Share of profit from joint ventures credited in the accounts could not be excluded merely because it was exempt in the normal computation under section 86. The statutory exclusion under the Explanation extends to income covered by sections 10, 11 and 12, not to income exempt under section 86. Accordingly, the joint venture profit had to be included in book profit for MAT purposes, and no further deduction could be read into section 115JB beyond the express adjustments. en-us Fri, 21 Jun 2013 00:00:00 +0530 Sun, 19 Jan 2014 09:45:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=242650 Section 115JB requires book profit to be computed from the net profit shown in the profit and loss account, subject only to the specific additions and reductions in the Explanation. Share of profit from joint ventures credited in the accounts could not be excluded merely because it was exempt in the normal computation under section 86. The statutory exclusion under the Explanation extends to income covered by sections 10, 11 and 12, not to income exempt under section 86. Accordingly, the joint venture profit had to be included in book profit for MAT purposes, and no further deduction could be read into section 115JB beyond the express adjustments. Case-Laws Income Tax Fri, 21 Jun 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=242650