https://www.taxtmi.com/caselaws?id=404591 The Tribunal held that the Rs. 4.27 crores received from welfare trusts by the assessee were not taxable under the normal provisions of the Income Tax Act, 1961, as they were considered windfall receipts and not liable to income tax. Additionally, the Tribunal excluded this amount from the computation of book profits under Section 115JB, ruling that it was a capital receipt and should not be included. However, the Tribunal rejected the argument that Section 115JB should not apply, emphasizing its applicability to all companies. en-us Wed, 17 Feb 2021 00:00:00 +0530 Tue, 25 May 2021 13:44:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=404591 The Tribunal held that the Rs. 4.27 crores received from welfare trusts by the assessee were not taxable under the normal provisions of the Income Tax Act, 1961, as they were considered windfall receipts and not liable to income tax. Additionally, the Tribunal excluded this amount from the computation of book profits under Section 115JB, ruling that it was a capital receipt and should not be included. However, the Tribunal rejected the argument that Section 115JB should not apply, emphasizing its applicability to all companies. Case-Laws Income Tax Wed, 17 Feb 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=404591