TaxTMI 
TaxTMI 
2018 (11) TMI 438
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....iness of generation of power without appreciating the fact that the pre-amended provisions of the section 115JB(2) of the Income Tax Act, 1961 applies to all the companies irrespective of the applicability of the provisions of the section 211(2) of the erstwhile Companies Act, 1956 to them as the amendment is only applicable from the Assessment Year 2013-14 onwards. 3. For these and such other grounds that may be urged at the time of hearing, it is humbly prayed that the order of the Ld. CIT (A) be reversed and that of the Assessing Officer be restored. 4. The appellant craves leave to add, to alter, to amend or delete any of the grounds that may be urged at the time of hearing of appeal. 3. Briefly, the facts of the case are as under: The appellant is a company incorporated under the provisions of the Companies Act 1956. It is engaged in the business of generation and sale of power. The appellant filed the return of income. The assessment was completed under sections 115JB of the Income Tax Act. The assessee company denies its liability for the assessment of book profit under section 115JB on the ground that the accounts are required to be prepared in....
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....ee on such total income shall be the amount of income-tax at the rate of eighteen and one-half per cent. 4. (2) Every assessee,-- 5. (a) being a company, other than a company referred to in clause 6. (b), shall, for the purposes of this section, prepare its profit and loss account for the relevant previous year in accordance with the provisions of Part II of Schedule VI to the Companies Act, 1956 (1 of 1956); or 7. (b) being a company, to which the proviso to subsection (2) of section 211 of the Companies Act, 1956 (1 of 1956) is applicable, shall, for the purposes of this section, prepare its profit and loss account for the relevant previous year in accordance with the provisions of the Act governing such company:" 16. By virtue of this amendment, the Legislature has brought those companies to which proviso to sub-section (2) of section 211 of the Companies Act applies within the network of provisions of section 115JB of the Act. As per the provisions of section 211(1), every balance sheet of a company shall be prepared in accordance with Part I & II of Schedule VI of the Companies Act, but as per proviso to sub-section (1), insurance o....
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.... from compliance with any of the requirements in Schedule VI if, in its opinion, it is necessary to grant the exemption in the public interest. Any such exemption may be granted either unconditionally or subject to such conditions as may be specified in the notification." 17. Undisputedly, the assessee is engaged in the generation of power, therefore as per proviso to section 211(1), the assessee was not required to prepare its balance sheet and profit & loss account in the form set out in Part-I & III of Schedule VI to the Companies Act, as the assessee was required to prepare its balance sheet and profit & loss account as per the Act notified by the Government. Now the question arises under such circumstances, whether the provisions of section 115JB would apply to the assessee's case, where he was not required to prepare the balance sheet and profit & loss account as per Part I & III of Schedule VI to the Companies Act. This aspect was examined by this Tribunal in the case of Karnataka Power Corporation Ltd. v. ACIT, ITA No.711/Bang/2011 in which it was held that the assessee is engaged in the generation of power and in an electric company, it is governed by....
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....of proviso to section 211(2) thereto. The proviso to section 211 (2) of the Companies Act, 1956 reads as under : "Provided that nothing contained in this sub-section shall apply to any insurance or banking company or any company engaged in the generation or supply of electricity, or to any other class of company for which the form of profit and loss account has been specified in or under the Act governing such class of company" 11.2.2. As contended by the learned Authorised Representative the newly inserted Explanation - 3 to section 115JB of the Act is clear that the assessee is given an option to prepare its profit and loss account for the relevant previous year either in accordance with the provisions of Parts II and III of Schedule VI of the Companies Act, 1956, OR in accordance with the provisions of the Act governing such company, w.e.f. 1.4.2013. Since there is no dispute that the assessee is engaged in the generation of power and in an electricity company, it is governed by and bound to follow the relevant Electricity Act and Rules thereto in preparation of its financial statements. In this view of the matter and taking into consideration the judicial deci....
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....n reduced and simplified over the past few years and the results have been very encouraging with a significant increase in corporate taxes as a percentage of GDP. However, there are two issues which need to be addressed. The first is the promise made in the past that the corporate surcharge will be temporary. The other is the phenomenon of zero tax companies which, according to many observers, reflects an excessive degree of laxity in the tax regime. I propose to respond to the two issues as follows: (i) I am reducing the rate of surcharge on corporation tax from 15% to 7.5% and hope to take a similar step in my next budget. The reduced tax burden will benefit all companies big and small. (ii) I propose to introduce a "Minimum Alternate Tax" (MAT) on companies. In a case where the total income of the company, as computed under the Income Tax Act after availing of all eligible deductions, is less than 30 per cent of the book profit, the total income of such a company shall be deemed to be 30 per cent of the book profit and shall be charged to tax accordingly. The effective rate works out to 12 per cent of book profit calculated under the Companies Act. Companies en....
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....tion 115JB of the Act was widened so as to include companies preparing profit and loss account in accordance with provisions of the relevant regulatory Act. 22.22 However, it may be noted that amendments by the Finance Act, 2012 imposing new tax burden on companies which was otherwise not provided under the Act, were, in no uncertain terms, made in provisions of section 115JB(2) with effect from April 1, 2013, meaning thereby that the deeming provisions are applicable to companies governed by special Acts only from assessment year 2013- 14 and onwards. 22.23 Memorandum explaining the provisions of the Finance Bill, 2012: 342 ITR (St.) 288, whereby subsection (2) of section 115JB was substituted provides that the amendment is applicable w.e.f. 01.04.2013, that is for assessment years 2013-14 onwards. Relevant extract of the Memorandum is reproduced as under: "Minimum Alternate Tax (MAT) I. Under the existing provisions of section 115JB of the Act, a company is liable to pay MAT of eighteen and one half per cent of its book profit in case tax on its total income computed under the provisions of the Act is less than the MAT liability. Book profit fo....
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....s". In these circumstances, since the provisions of section 115JB of the Act were not applicable to such special category of companies, the Legislature made substantive amendments therein so as to make the said section applicable to such special category companies, including electricity company, with prospective effect from assessment year 2013-14 only. 22.25 The Learned AR contended that it is patently clear from the aforesaid amendment that prior to the amendment applicable from assessment year 2013-14, provisions of section 115JB of the Act were not at all applicable to an electricity company, such as the appellant up to the assessment year 2012-13. 22.26 Further, Explanation 3 to section 115JB of the Act, which provides an option to discoms to prepare accounts as per Schedule VI of the Companies Act or the governing law/special Act in respect of assessment years prior to 2013-14, has also been inserted as part of the substantive amendments applicable from assessment year 2013-14 and onwards. The said Explanation, cannot be given such retrospective effect resulting in imposition of fresh levy for assessment years up to AY 2012-13, which was not in accordance with the la....
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....certain terms, clearly provides that the provision of section 115JB(2) and Explanation 3 to said sub-section shall come in force with effect from April 1, 2013 and will accordingly apply in relation to the assessment year 2013-14 and onwards. Meaning thereby, the amendment is specifically made applicable prospectively and not retrospectively, contended the Learned AR. 22.32 Furthermore, section 115JB of the Act is a deeming provision which results in an assessee having to pay tax, otherwise not payable, on artificial income. The said section should, therefore, be construed and interpreted strictly, viz, in a manner that leaves the assessee with a lower burden of having to bear an artificial tax liability contended the Learned AR. 22.33 It is a well-known principle of interpretation of fiscal statutes that in the event of any doubt in regard to interpretation, particularly in cases of taxation by employing legal fiction, the benefit of doubt, if any, should be given to the assessee and the interpretation beneficial to the taxpayer should be accepted. Reference was made to the following cases: - CIT v. Vegetable Products Ltd.: [TS-6-SC-1973-O] - CI....
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....2001 and provisions of the Companies Act, 1956 to the extent the same are not inconsistent with the Electricity Act/DERC Regulation. It was submitted in other words that in case of any variation/conflict in the aforesaid provisions, the assessee is bound to mandatorily follow/adopt the specific provisions of Electricity Act/DERC Regulation, which are specifically related to its area of operations, although the basic form for preparation and presentation of accounts would be prescribed by Schedule-VI to the Companies Act. It was submitted that overriding mandate of Electricity Act, 2003 in respect of electricity company vis-à-vis other Acts, is specifically provided in sec. 174 of the Electricity Act, 2003. 24.1 For a ready reference, the provisions laid down under sec. 174 of the Electricity Act, 2003 are reproduced hereunder: S.174 "Save as otherwise provided in section 173, the provisions of this Act shall have effect notwithstanding anything inconsistent therewith contained in any other law for the time being in force or in any instrument having effect by virtue of any law other than this Act." 24.2 Perusal of the above provisions make it clear that thes....
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....nce Act, 1938 or the Insurance Regulatory and Development Authority Act, 1999; (c) banking companies, except in so far as the said provisions are inconsistent with the provisions of the Banking Regulation Act, 1949; (d) companies engaged in the generation or supply of electricity, except in so far as the said provisions are inconsistent with the provisions of the Electricity Act, 2003; (e) any other company governed by any special Act for the time being in force, except in so far as the said provisions are inconsistent with the provisions of such special Act; and (f) such body corporate, incorporated by any Act for the time being in force, as the Central Government may, by notification, specify in this behalf, subject to such exceptions, modifications or adaptation, as may be specified in the notification...." 24.3 On perusal of the above provisions of the Companies Act, we find substance in the contention of the Learned AR that the provisions of the Act would apply in respect of an Electricity Company only in so far as the said provisions are not inconsistent with the Electricity Act. 24.4 The Learned AR has also referred the p....
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....dule-6 of the Companies Act, 1956. 24.6 Further contention of the Learned AR remained that prior to the amendment to sub-section (2) of sec. 115JB of the Income-tax Act, 1961, the deeming provisions of the said section were not applicable to Companies to which proviso to sub-section (2) of sec. 211 of the Companies Act were abolished. To examine this contention, we have gone through the provisions of sec. 115JB of the Income-tax Act, 1961, as applicable to the relevant year under consideration, reproduced hereunder: "Special provision for payment of tax by certain companies. 115 JB. (1) Notwithstanding anything contained in any other provision of this Act, where in the case of an assessee, being a company, the income-tax, payable on the total income as computed under this Act in respect of any previous year relevant to the assessment year commencing on or after the 1st day of April, 2001, is less than seven and one-half per cent of its book profit, such book profit shall be deemed to be the total income of the assessee and the tax payable by the assessee on such total income shall be the amount of income-tax at the rate of seven and one-half per cent. ....
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....e during the year under consideration as the same is also fortified by substantive amendments in section 115JB of the Act by the Finance Act, 2012 w.e.f. 01.04.2013. Sub-section (2) to section 115JB of the Act as substituted by the Finance Act, 2012 w.e.f. 01.04.2013 reads as under: "Special provision for payment of tax by certain companies 115JB. (1) Notwithstanding anything contained in any other provision of this Act, where in the case of an assessee, being a company, the income-tax, payable on the total income as computed under this Act in respect of any previous year relevant to the assessment year commencing on or after the 1st day of April, 2012, is less than eighteen and one-half per cent of its book profit, such book profit shall be deemed to be the total income of the assessee and the tax payable by the assessee on such total income shall be the amount of income-tax at the rate of eighteen and one-half per cent. (2) Every assessee,- (a) being a company, other than a company referred to in clause (b), shall, for the purposes of this section, prepare its profit and loss account for the relevant previous year in accordance with the provisi....
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....t which provides an option to prepare its accounts as per Schedule-VI of the Companies Act or the governing law/special Act in respect of assessment year prior to 2013- 14, has also been inserted as per the substantive amendments applicable from assessment year 2013-14 and onwards. The amendments to section 115JB of the Act made by Finance Act, 2012 are substantive in nature resulting in fresh liability to tax and would, therefore, apply only prospectively. The same cannot unless specifically mandated by the statute, be applied from retrospective effect. In this regard, we find support from the ratios laid down by the Hon'ble Supreme Court in the case of CIT vs. Vatika Township Pvt. Ltd. (supra), wherein the Hon'ble Supreme Court has been pleased to discuss elaborately the general principles concerning interpretation of amendments with retrospective effect. The relevant excerpts of the observations of the Hon'ble Supreme Court are being reproduced hereunder: "General Principles concerning retrospectivity ................................... .................................... 31. Of the various rules guiding how a legislation has to be interpreted, one....
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....ation. Dogmatically framed, the rule is no more than a presumption, and thus could be displaced by out weighing factors. 35. Let us sharpen the discussion a little more. We may note that under certain circumstances, a particular amendment can be treated as clarificatory or declaratory in nature. Such statutory provisions are labeled as "declaratory statutes". The circumstances under which a provision can be termed as "declaratory statutes" is explained by Justice G.P. Singh7 in the following manner: "Declaratory statutes: The presumption against retrospective operation is not applicable to declaratory statutes. As stated in CRAIES and approved by the Supreme Court : "For modern purposes a declaratory Act may be defined as an Act to remove doubts existing as to the common law, or the meaning or effect of any statute. Such Acts are usually held to be retrospective. The usual reason for passing a declaratory Act is to set aside what Parliament deems to have been a judicial error, whether in the statement of the common law or in the interpretation of statutes. Usually, if not invariably, such an Act contains a preamble, and also the word 'declared' as well as ....
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....ates a vested right and an assessee cannot be subjected to reassessment unless a provision to that effect inserted by amendment is either expressly or by necessary implication retrospective. (See Controller of Estate Duty Gujarat-I v. M.A. Merchant 1989 Supp (1) SCC 499. We would also like to reproduce hereunder the following observations made by this Court in the case of Govinddas v. Income- tax Officer (1976) 1 SCC 906, while holding Section 171 (6) of the Income- Tax Act to be prospective and inapplicable for any assessment year prior to 1st April, 1962, the date on which the Income Tax Act came into force: "11. Now it is a well settled rule of interpretation hallowed by time and sanctified by judicial decisions that, unless the terms of a statute expressly so provide or necessarily require it, retrospective operation should not be given to a statute so as to take away or impair an existing right or create a new obligation or impose a new liability otherwise than as regards matters of procedure. The general rule as stated by Halsbury in Vol. 36 of the Laws of England (3rd Edn.) and reiterated in several decisions of this Court as well as English courts is that all statu....
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....nsurance Companies, since they were governed by Special Acts and the profit and loss account was not prepared as per part II of schedule VI to the Companies Act, therefore, the computation provisions failed.Accordingly, in view of the decision of Supreme Court in the case of B.C. Srinivasa Setty (supra), the law till the insertion of this explanation was that the provisions of section 115JB were not applicable on account of impossibility of computation as the accounts were not prepared in accordance with part II, schedule VI to the Companies Act. Now by incorporating Explanation 3, the Companies governed by Special Acts which come within the ambit of company u/s 2(17) are covered by the provisions of section 115JB. Therefore, this amendment brings substantial change in the taxability of companies governed by the special acts and, therefore, cannot be held to be retrospective. In this regard we also find strength from the ratio laid down by the Supreme Court in its decision dated 16.9.2014 in the case of CIT v. Vatika Township (P.) Ltd. In Civil Appeals arising out of SLP(C) No. 1362 of 2009 and others. The five judges Bench of the Supreme Court strikes down division Bench ruling on....
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....bove issue held as follows: "5. Learned counsel for the assessee, however, contends that the provisions of MAT do not apply to the assessee, and, for this reason, very foundation of impugned reassessment proceedings is devoid of legally sustainable merits. His line of reasoning is this. The provisions of MAT can come into play only when the assessee prepares its profit and loss account in accordance with Schedule VI to the Companies Act. It is pointed out that, in terms of the provisions of sec. 115JB(2), every assessee is required to prepare its profit and loss account in terms of the provisions of Part II and III of Schedule VI to the Companies Act. Unless the profit and loss is so prepared, the provisions of Sec. 115JB cannot come into play at all. However, the assessee is a banking company and under proviso to sec. 211(2) OF THE Act, the assessee is exempted from preparing its books of account in terms of requirements of Schedule VI to the Companies Act, and the assessee is to prepare its books of account in terms of the provisions of Banking Regulation Act. It is thus, contended that the provisions of sec. 115JB do not apply in the case of banking companies which are ....
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....t paragraphs thereof are being reproduced hereunder: "11. Before we examine the first question a brief survey of the history of section 115JB is necessary. Chapter XII-B was inserted by the Finance Act of 1987 in the Income-tax Act. Section 115J was introduced for the first time by the said Chapter. The relevant portion of the said section reads as follows: "Section 115J. Special provisions relating to certain companies.-(1) Notwithstanding anything contained in any other provision of this Act, where in the case of an assessee being a company (other than a company engaged in the business of generation or distribution of electricity), the total income, as computed under this Act in respect of any previous year relevant to the assessment year commencing on or after the 1st day of April, 1988 but before the 1st day of April, 1991 (hereafter in this section referred to as the relevant previous year), is less than thirty per cent of its book profit, the total income of such assessee chargeable to tax for the relevant previous year shall be deemed to be an amount equal to thirty per cent of such book profit. (1A) Every assessee, being a company, shall, for the ....
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.... scheme of section 115J. Two major points of difference are that the new section is applicable with reference to the previous year relevant to the assessment year commencing from 1-4-1997 and ending with 1-4- 2001. Secondly, the express exclusion of the Companies engaged in the business of either generation or distribution of electricity is absent under section 115JA. The third and most important change is that two provisos are added to sub-section (2) stipulating that : "Provided that while preparing profit and loss account, the depreciation shall be calculated on the same method and rates which have been adopted for calculating the depreciation for the purpose of preparing the profit and loss account laid before the company at its annual general meeting in accordance with the provisions of section 210 of the Companies Act, 1956 (1 of 1956): Provided further that where a company has adopted or adopts the financial year under the Companies Act, 1956 (1 of 1956), which is different from the previous year under the Act, the method and rates for calculation or depreciation shall correspond to the method and rates which have been adopted for calculating the depreciati....
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....have been adopted for preparing such accounts including profit and loss account for such financial year or part of such financial year failing within the relevant previous year". The scheme of the section 115JB is similar to section 115J and section 115JA. The difference insofar as it is relevant for the present purpose between section 115JB and its fore-runners (Sections 115J and 115 JA) is as follows: All the 3 sections (Ss.115J, 115JA and 115JB) create legal fictions regarding the 'total income' (a defined expression under section 2(45) \ of the Act) of the Companies. While the earlier two sections mandate the department to make the assessment on a fictitious amount of 'total income' where the actual amount of total income computed in accordance with the Income-tax Act is less than 30 per cent of the book profits of the Company, section 115JB mandates the department to resort to the fiction in those cases where the tax payable on the basis of the 'total income' computed in accordance with the Income- tax Act is less than a specified percentage (7- per cent for the years in issue) of the book profit. Further, sections 115JA and 115JB also....
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.... and copies of such publication shall be made available for sale at a reasonable price, obviously for the benefit of the general public who wish to scrutinise the accounts. 16. Thus, it can be seen that coming to the maintenance of the accounts, the appellant though is deemed to be a "Company" - both by virtue of operation of section 80 of the Income-tax Act for the purpose of Income-tax Act and by virtue of the definition of the expression "Company" under the Income-tax Act (which is already examined earlier) - the appellant is required to keep and maintain its accounts in a manner specified by the Central Government, but not in the manner specified in the Companies Act. Therefore, the question is whether the legal fiction contemplated under section 115JB can be pressed into service while making the assessment of Income-tax payable by the appellant. 17. It must be remembered that section 115JB creates a legal fiction regarding the total income of the assessees which are Companies. The book profit of the Company is deemed to be total income of the assessee in the circumstances specified in the said section, which are already noticed earlier. The expression "book p....
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....n clause, in our opinion, it is not an absolute rule. The other attendant circumstances, the context, the history and the mischief sought to be remedied by the amendment are all required to be examined before reaching at definite conclusion. 19. The Circular No. 762 not only is binding on the respondents, but also explains the purpose in introducing section 115JA. The relevant portion reads as follows:- "46.1 In recent times, the number of zero-tax companies and companies paying marginal tax has grown. Studies have shown that in spite of the fact that companies have earned substantial book profits and have paid handsome dividends, no tax has been paid by them to the exchequer. 46.2 The Finance Act has inserted a new section 115JA of the Incometax Act, so as to levy a minimum tax on companies who are having book profits and paying dividends but are not paying any taxes. The scheme envisages the payment of a minimum tax by deeming 30 per cent of the book profits computed under the Companies Act, as taxable income, in a case where the total income as computed under the provisions of the Income-tax Act, is less than 30 per cent of the book profit. Where the t....
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....for the reason that such a policy would promote the infrastructural development of the country. Such an understanding of the CBDT is binding on the department. 20. If that is the background in which section 115JA is introduced into the Income-tax Act, section 115JB, which is substantially similar to section 115JA, in our opinion, cannot have a different purpose and need not be interpreted in a manner different from the understanding of the CBDT of section 115JA." 24.8 Under the above facts and circumstances, we thus hold that even though the assessee, under a misconception of law, had declared income under the deeming provisions of sec. 115JB of the Act, still the Assessing Officer was under its duty bound to make correct assessment of income of the assessee in accordance with the provisions of the Act. As per above discussion and the ratios laid down in the cited decisions, we hold that the provisions of sec. 115JB of the Act were not at all applicable to companies governed by special Acts which also includes power companies, in respect of assessment years falling prior to 01.04.2013 and thereby the assessee was not liable to pay tax under the provisions of the s....
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....r such other person duly authorised by the Comptroller and Auditor-General of India. The accounts so prepared along with the audit report are required to be laid annually before the State Legislature and also to be published in the prescribed manner. At the earliest point of time when section 115J was introduced, the section expressly excluded from its operation bodies like the Electricity Board. Though such express exclusion is absent in section 115JA, the Central Board of Direct Taxes issued Circular No. 762 dated February 18, 1998 excluding bodies like the Electricity Board from the operation of the section. Circular No. 762 not only is binding on the Department, but also explains the purpose in introducing section 115JA which was to tax zero-tax companies. The CBDT understood that companies engaged in the business of generation and distribution of electricity and enterprises engaged in developing, maintaining and operating infrastructure facilities, as a matter of policy, are not brought within the purview of section 115JA for the reason that such a policy would promote the infrastructural development of the country. Such an understanding of the CBDT is binding on the ....
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....by the different Benches of the Tribunal and Hon'ble High Court of Kerala that where the assessee is governed by different Acts and Rules, and is not required to prepare its profit & loss account and balance sheet as per Part II & III of Schedule VI to the Companies Act, the provisions of section 115JB cannot be invoked against him. In the light of this legal position, we are of the view that the revenue authorities wrongly invoked the provisions of section 115JB of the Act, therefore the order of the CIT(Appeals) is not sustainable in the eyes of law. Accordingly, we set aside the order of CIT(Appeals) in this regard." Respectfully following the above mentioned decision of the coordinate bench of Tribunal, we reject the ground of appeal raised by the revenue. 4. In the result, the appeals filed by the revenue are dismissed. C.O. No. 76/Bang/2018: The only issue in the C.O. is as to what is the tax payable under section 115JB of the Income Tax Act, 1961. This issue is also covered by the decision of this Co-ordinate Bench in the case of M/s.Atria Power Corporation Ltd. in ITA No.913/Bang/2007 dated 22/12/2008 for assessment year 2005-06. The ....
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.... 3 charges total income; section 4 defines its range, section 6 qualifies it; and sections 7 to 12B quantify it". The sections referred to are the sections of the Indian Income-tax Act, 1922. The 8th edition of the treatise referred to above, at page 398 substituted the corresponding provisions of the Income-tax Act, 1961. Reference may also be made to the judgement of the Bombay High Court in CIT v. Smt. T. P. Sidhwa, (1982) 133 ITR 840 (r) page 849. In a nutshell, it can be said that what is charged to tax is the total income of the assessee; the tax so charged is payable by the assessee. 7. It was clarified before us in the course of the arguments addressed on behalf of the assessee that what is referred to in section 115JB by the Words "tax payable by the assessee" is actually the assessed tax and that it is not being contended that section 115JB cannot be applied even to a case where the assessed tax is more than covered by prepaid taxes and nothing is payable as per the demand notice issued consequent to the assessment. It was submitted that what is : being argued is only that where no tax can be charged at all for the reason that the total income of the assessee com....
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....computed under the normal provisions of the Act and if there is, then it should be compared with the book profit tax, but it does not further require that there should be some tax actually payable on such total income. In a case where the total income is Rs. Nil or a negative figure, undoubtedly no tax is payable but we are not : concerned with that at all, but what we are concerned is the comparison of the fact that no tax is payable by the assessee on the total income computed under the normal provisions of the Act with the book profit tax, if any. In a case where the total income computed under the normal provisions of the Act is either nil or a negative figure, the tax payable would be zero and since this would be less than the book profit tax, the assessee would be liable to pay book profit tax u/s.115JB. Our view is supported by the object for which section 115JB was introduced by the Finance Act, 2000 w.e.f.1.4.2001. Section .115JB is of the same genus as section 115J which for the first time, provided for a minimum tax payable by certain companies which was popularly known as the book profit tax. Section 115J was introduced by the Finance Act, 1987 w.e.f.1.4.1988. In Circul....