TaxTMI 
TaxTMI 
TaxTMI 
2017 (1) TMI 782
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....rna Gupta, A. M. The appeal filed by the assessee is directed against the order of learned Commissioner of Income Tax (Appeals)-5, Ludhiana dated 23.2.2016 relating to assessment year 2012-13. 2. The only issue in the present appeal relates to claim of the assessee that it was not required to pay taxes on its Book Profits as per the provisions of section 115JB of the Act, on account of the exclu....
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....calculating tax under MAT and levied the same. 4. The matter was carried in appeal before the Ld. CIT (Appeals) where the assessee contended that its claim of exemption from provisions of MAT was in accordance, since the income earned by it was from business carried on as a developer to whom the provisions of MAT are not applicable as per section 115JB(6) of the Act. The Ld. CIT (Appeals) disallo....
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....ng of MAT u/s 115JB by the A.O. and the submissions/arguments of the AR during the appellate proceedings have been considered. It is to note that 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 Off....
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....t is seen that the AR's reliance upon the exception carved out u/s 115JB(6) is misplaced as it is quite apparent that the exception are in respect of concern (entrepreneur or developer as defined under the SEZ Act) situated in a Unit or Special Economic Zone, (also defined under the SEZ Act) as the case may be. The assessee is not situated in a Unit or Special Economic Zone (which are defined ....