2017 (1) TMI 782

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.... on its Book Profits as per the provisions of section 115JB of the Act, on account of the exclusion provided under section 115JB(6) of the Income Tax Act, 1961 (in short 'the Act'). 3. Brief facts relating to the case are that the assessee company is a developer of housing projects. In the return of income filed for the impugned assessment year the assessee declared income of Rs. 92,53,668/- after claiming deduction under section 80IB(10) of the Act of Rs. 1,94,84,876/-. As per the Audit Report, the book profit of the company amounted to Rs. 2,84,99,344/- but the assessee did not pay any tax on the same under the provisions of MAT i.e. under section 115JB, stating that in view of section 115JB(6) of the Act it was excluded from t....

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....t the provisions of sub section (6) in section 115JB have been inserted by the Special Economic Zones Act, 2005 w.e.f, 10.02.2006. Under that Act "Unit" means a Unit set up by an entrepreneur in a Special Economic Zone and includes an existing Unit, an Offshore Banking Unit and a Unit in an International Financial Services Centre, whether established before or established after commencement of this Act. and "Special Economic Zone" means each special Economic Zone notified under the proviso to sub-section (4) of section 3 and sub-section (1) or section 4 (including Free Trade and Warehousing Zone) and includes an existing Special Economic Zone, Further, the Developer has been defined as "developer" means a person who, or a State Government w....