Tribunal Rules Rent/Lease Equalization Reserve Excluded from MAT Book Profit Computation u/s 115JB.

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....MAT computation - adjustment of rent/lease equalization reserve u/s 115JB of the Act - The Assessee contended that the reserve was not covered under Explanation 1(b) or 1(c) to section 115JB of the Act. The Tribunal agreed, referencing judgments that clarified such reserves are not to be added back while computing book profits under section 115JA. Hence, the addition made by the Assessing Officer deleted.....