2012 (2) TMI 553

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....irst appellate authority. The basis of the Revenue's claim is that though s. 115JB makes an exclusion in respect of income to which provision of sec. 10, i.e., incomes not included in the total income, is made per the provision, there is no corresponding provision for the profit on the sale of agricultural land, which stands excluded from the purview of taxation only by virtue of s. 2(14) r.w.s. 4....

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....it for computing the `book profit' under the MAT provisions, including s. 115JB. As such, there is no basis for excluding the profit derived on the sale of its agricultural land by the assessee. Further, there is no question of the same being exigible for deduction on account of sec. 10 of the Act, which makes no reference to the said income. The assessee, on the other hand, relies on the decision....

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....ter. Secondly, the Revenue's objection is technical in nature inasmuch it concedes that the income is otherwise not chargeable to tax under the regular provisions of the Act. The provisions of Chapter XII-B of the Act do not, in our view, operate to extend the scope of `total income' per section 5 on which the charge to tax u/s. 4 is attracted, but is only toward providing an alternative basis for....