https://www.taxtmi.com/caselaws?id=14404 HC held that for computing book profits under section 115J, income by way of capital gains under section 45 must be included. A company must first compute total income under the Income-tax Act; if that income is less than 30% of book profits, total income is deemed to be 30% of book profits. Schedule VI (Parts II & III) requires disclosure of non-recurring or exceptional receipts (including surrender of leasehold rights/capital gains) in the profit and loss account, so capital gains are includible. Decision for the Department against the assessee. en-us Thu, 08 Feb 2001 00:00:00 +0530 Mon, 06 Oct 2025 15:04:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=14404 HC held that for computing book profits under section 115J, income by way of capital gains under section 45 must be included. A company must first compute total income under the Income-tax Act; if that income is less than 30% of book profits, total income is deemed to be 30% of book profits. Schedule VI (Parts II & III) requires disclosure of non-recurring or exceptional receipts (including surrender of leasehold rights/capital gains) in the profit and loss account, so capital gains are includible. Decision for the Department against the assessee. Case-Laws Income Tax Thu, 08 Feb 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=14404