https://www.taxtmi.com/caselaws?id=263062 Profit from transferring development rights to a wholly owned subsidiary, disclosed in the notes to accounts as excluded from book profit, is not includible in book profit under section 115JB. The profit and loss account must be read with the notes to accounts, and a receipt exempt from capital-gains computation under section 47(iv) cannot be included in book profit unless expressly authorised. Disallowance under section 14A read with Rule 8D requires examination of available interest-free funds and the correct average value of investments; where these factual inputs are not properly examined, the computation requires fresh consideration 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 Profit from transferring development rights to a wholly owned subsidiary, disclosed in the notes to accounts as excluded from book profit, is not includible in book profit under section 115JB. The profit and loss account must be read with the notes to accounts, and a receipt exempt from capital-gains computation under section 47(iv) cannot be included in book profit unless expressly authorised. Disallowance under section 14A read with Rule 8D requires examination of available interest-free funds and the correct average value of investments; where these factual inputs are not properly examined, the computation requires fresh consideration by the Assessing Officer. Case-Laws Income Tax Wed, 19 Aug 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=263062