https://www.taxtmi.com/highlights?id=54553 MAT computation - Valuation of assets on amalgamation - determining book profit - Since, the capital reserve is out of purview of Section 115JB, and the “Revaluation Reserve” only is considered for upward adjustment of the profit as per the Act, the AO tried to being the capital reserve to the fold of Clause (j) [which rightly deals with revaluation reserve]. Such an action of the AO cannot be sustained. - AT en-us Mon, 31 Aug 2020 17:35:49 +0530 Mon, 31 Aug 2020 17:35:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=54553 MAT computation - Valuation of assets on amalgamation - determining book profit - Since, the capital reserve is out of purview of Section 115JB, and the “Revaluation Reserve” only is considered for upward adjustment of the profit as per the Act, the AO tried to being the capital reserve to the fold of Clause (j) [which rightly deals with revaluation reserve]. Such an action of the AO cannot be sustained. - AT Highlights Income Tax Mon, 31 Aug 2020 17:35:49 +0530 https://www.taxtmi.com/highlights?id=54553