https://www.taxtmi.com/caselaws?id=328816 For MAT computation under section 115JB, book profit must be derived from the profit and loss account prepared in accordance with Schedule VI, and capital restructuring credits under a rehabilitation scheme do not become income or operating profit merely because the debit balance is adjusted against them. Such accounting entries do not extinguish accumulated loss or unabsorbed depreciation for clause (iii) of the Explanation to section 115JB(2). The assessee was therefore entitled to reduce the lower of brought forward loss or unabsorbed depreciation from book profit, and the disallowance was unsustainable. en-us Mon, 23 May 2016 00:00:00 +0530 Thu, 11 Jun 2026 14:38:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=328816 For MAT computation under section 115JB, book profit must be derived from the profit and loss account prepared in accordance with Schedule VI, and capital restructuring credits under a rehabilitation scheme do not become income or operating profit merely because the debit balance is adjusted against them. Such accounting entries do not extinguish accumulated loss or unabsorbed depreciation for clause (iii) of the Explanation to section 115JB(2). The assessee was therefore entitled to reduce the lower of brought forward loss or unabsorbed depreciation from book profit, and the disallowance was unsustainable. Case-Laws Income Tax Mon, 23 May 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=328816