https://www.taxtmi.com/caselaws?id=263062 For computation of book profit under section 115JB, the net profit shown in the profit and loss account must be read with the notes to accounts, and a disclosed gain on transfer of development rights to a wholly owned subsidiary was treated as outside book profit where the transaction was also not taxable under the normal provisions by reason of section 47(iv). The article further notes that disallowance under section 14A read with Rule 8D depends on factual verification of available interest-free funds and the correct average value of investments, so the computation required fresh examination by the Assessing Officer. en-us Wed, 19 Aug 2015 00:00:00 +0530 Mon, 09 Nov 2015 17:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=263062 For computation of book profit under section 115JB, the net profit shown in the profit and loss account must be read with the notes to accounts, and a disclosed gain on transfer of development rights to a wholly owned subsidiary was treated as outside book profit where the transaction was also not taxable under the normal provisions by reason of section 47(iv). The article further notes that disallowance under section 14A read with Rule 8D depends on factual verification of available interest-free funds and the correct average value of investments, so the computation required fresh examination by the Assessing Officer. Case-Laws Income Tax Wed, 19 Aug 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=263062