https://www.taxtmi.com/caselaws?id=424171 The Tribunal allowed the appeal, ruling in favor of the assessee. It held that profits of Sick Industrial Companies should be excluded from Minimum Alternate Tax (MAT) provisions under Explanation 1 to clause (vii) of Section 115JB. Additionally, it deemed setting off profits of sick years against brought forward losses as legally untenable and directed the adjustment of book profits accordingly. The Tribunal found misinterpretation of a relevant judgment and upheld the correct calculation of book profits under Section 115JB, instructing the Assessing Officer to grant the adjustment claimed by the assessee. en-us Wed, 08 Jun 2022 00:00:00 +0530 Thu, 23 Jun 2022 09:24:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=424171 The Tribunal allowed the appeal, ruling in favor of the assessee. It held that profits of Sick Industrial Companies should be excluded from Minimum Alternate Tax (MAT) provisions under Explanation 1 to clause (vii) of Section 115JB. Additionally, it deemed setting off profits of sick years against brought forward losses as legally untenable and directed the adjustment of book profits accordingly. The Tribunal found misinterpretation of a relevant judgment and upheld the correct calculation of book profits under Section 115JB, instructing the Assessing Officer to grant the adjustment claimed by the assessee. Case-Laws Income Tax Wed, 08 Jun 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=424171