https://www.taxtmi.com/caselaws?id=756574 ITAT Kolkata dismissed the assessee's appeal regarding computation of book profit under section 115JB. The tribunal held that while section 45 read with section 112 allows indexed cost benefit for long-term capital gains, this benefit is not available when computing book profit under section 115JB. The court ruled that book profit must be calculated according to Schedule VI of Companies Act with adjustments under section 115JB, and since no specific provision allows indexed cost benefit in book profit computation, the assessee cannot claim such benefit. The CIT(Appeals) decision was upheld. en-us Thu, 25 Jul 2024 00:00:00 +0530 Mon, 05 Aug 2024 14:36:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=756574 ITAT Kolkata dismissed the assessee's appeal regarding computation of book profit under section 115JB. The tribunal held that while section 45 read with section 112 allows indexed cost benefit for long-term capital gains, this benefit is not available when computing book profit under section 115JB. The court ruled that book profit must be calculated according to Schedule VI of Companies Act with adjustments under section 115JB, and since no specific provision allows indexed cost benefit in book profit computation, the assessee cannot claim such benefit. The CIT(Appeals) decision was upheld. Case-Laws Income Tax Thu, 25 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=756574