https://www.taxtmi.com/caselaws?id=463338 A proviso requiring a company's long-term capital gains to be considered in book profit computation under section 115JB does not by itself withdraw the substantive exemption under section 10(38) of the Income-tax Act, 1961. The ITAT Delhi held that the Assessing Officer had adopted an incorrect construction by treating the reference to section 115JB as defeating the exemption itself. The first appellate authority's interpretation was upheld, with the result that the assessee's exemption claim under section 10(38) remained allowable and the Revenue's challenge to the deletion of the addition failed. en-us Thu, 20 Jul 2023 00:00:00 +0530 Tue, 26 Aug 2025 20:14:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=463338 A proviso requiring a company's long-term capital gains to be considered in book profit computation under section 115JB does not by itself withdraw the substantive exemption under section 10(38) of the Income-tax Act, 1961. The ITAT Delhi held that the Assessing Officer had adopted an incorrect construction by treating the reference to section 115JB as defeating the exemption itself. The first appellate authority's interpretation was upheld, with the result that the assessee's exemption claim under section 10(38) remained allowable and the Revenue's challenge to the deletion of the addition failed. Case-Laws Income Tax Thu, 20 Jul 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=463338