https://www.taxtmi.com/caselaws?id=764758 The HC held that Section 115JB, relating to MAT on book profits, was inapplicable to the assessee engaged in electricity generation and distribution for AY 2006-07. This was because the assessee's accounts were prepared under special statutes like the Electricity Act, not in accordance with Schedule VI of the Companies Act, 1956, as mandated by Section 115JB then. The amended Section 115JB, allowing computation of book profits using accounts prepared under regulatory Acts, applied only prospectively from AY 2013-14. Consequently, the additions under Section 115JB for AY 2006-07 were not sustainable. en-us Mon, 13 Jan 2025 00:00:00 +0530 Mon, 04 Aug 2025 18:04:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=764758 The HC held that Section 115JB, relating to MAT on book profits, was inapplicable to the assessee engaged in electricity generation and distribution for AY 2006-07. This was because the assessee's accounts were prepared under special statutes like the Electricity Act, not in accordance with Schedule VI of the Companies Act, 1956, as mandated by Section 115JB then. The amended Section 115JB, allowing computation of book profits using accounts prepared under regulatory Acts, applied only prospectively from AY 2013-14. Consequently, the additions under Section 115JB for AY 2006-07 were not sustainable. Case-Laws Income Tax Mon, 13 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=764758