https://www.taxtmi.com/caselaws?id=172945 Tax-free interest income covered by section 10(15)(i) was treated as exempt income and, under clause (ii) of Explanation 1 to section 115JB, could be reduced from book profit when credited to the profit and loss account. The Tribunal accepted the legal permissibility of the reduction and rejected the revenue's objection on computation. It remitted the matter to the Assessing Officer only to place the revised Form 29B on record and recompute book profit after giving the assessee a reasonable opportunity of hearing. en-us Fri, 29 Oct 2010 00:00:00 +0530 Fri, 04 Sep 2015 13:05:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=172945 Tax-free interest income covered by section 10(15)(i) was treated as exempt income and, under clause (ii) of Explanation 1 to section 115JB, could be reduced from book profit when credited to the profit and loss account. The Tribunal accepted the legal permissibility of the reduction and rejected the revenue's objection on computation. It remitted the matter to the Assessing Officer only to place the revised Form 29B on record and recompute book profit after giving the assessee a reasonable opportunity of hearing. Case-Laws Income Tax Fri, 29 Oct 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=172945