https://www.taxtmi.com/caselaws?id=372052 Book profit under section 115JB must be computed from the audited profit and loss account, with only the statutory adjustments expressly permitted in the Explanation; profit on sale of a fixed asset taken directly to capital reserve, and not routed through the profit and loss account, could not be added back. The assessee was also entitled to sick industrial company protection against minimum alternate tax because its net worth was negative and accumulated losses exceeded net worth; a BIFR certificate was not required on these facts where the protective benefit remained available. The MAT adjustment was therefore not sustainable. en-us Wed, 12 Dec 2018 00:00:00 +0530 Mon, 17 Dec 2018 06:39:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=372052 Book profit under section 115JB must be computed from the audited profit and loss account, with only the statutory adjustments expressly permitted in the Explanation; profit on sale of a fixed asset taken directly to capital reserve, and not routed through the profit and loss account, could not be added back. The assessee was also entitled to sick industrial company protection against minimum alternate tax because its net worth was negative and accumulated losses exceeded net worth; a BIFR certificate was not required on these facts where the protective benefit remained available. The MAT adjustment was therefore not sustainable. Case-Laws Income Tax Wed, 12 Dec 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=372052