https://www.taxtmi.com/caselaws?id=262955 The Tribunal held that the grant-in-aid and compensation received by the assessee could not be excluded from the book profits under Section 115JB of the Income Tax Act. The Tribunal emphasized the legislative intent and overriding provisions of Sections 115J, 115JA, and 115JB, stating that the computation of book profit should strictly adhere to the Explanation to Section 115JB. As the receipts were not covered by any clauses in Explanation 1 to Section 115JB, the Revenue's appeal was allowed, and the assessee's claim for deduction of Rs. 50,56,630 from the book profits was rejected. en-us Wed, 12 Aug 2015 00:00:00 +0530 Mon, 24 Aug 2015 09:04:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=262955 The Tribunal held that the grant-in-aid and compensation received by the assessee could not be excluded from the book profits under Section 115JB of the Income Tax Act. The Tribunal emphasized the legislative intent and overriding provisions of Sections 115J, 115JA, and 115JB, stating that the computation of book profit should strictly adhere to the Explanation to Section 115JB. As the receipts were not covered by any clauses in Explanation 1 to Section 115JB, the Revenue's appeal was allowed, and the assessee's claim for deduction of Rs. 50,56,630 from the book profits was rejected. Case-Laws Income Tax Wed, 12 Aug 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=262955