2023 (7) TMI 1588

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.... For the Respondent: Shri T. James Singson, CIT- DR ORDER PER N.K. BILLAIYA, ACCOUNTANT MEMBER:- This appeal by the Revenue is preferred against the order of the ld. CIT(A) - 4, New Delhi dated 20.01.2020 pertaining to Assessment Year 2015-16. 2. The solitary grievance of the Revenue is that the ld. CIT(A) erred in allowing claim of exemption under section 10(38) of the Income-tax A....

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....f Rs. 2,47,52,73,952/- to the book profit in terms of clause (j) of Explanation 1 to Section 115JB of the Act. (b) upward adjustment of Rs. 28,54,45,463/- to book profit in terms of clause (f) of Explanation 1 to section 115JB of the Act. 5. For normal income, the Assessing Officer denied claim of exemption under section 10(38) of the Act to the tune of Rs. 2,47,52,73,951/-. 6. The ....

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....he Assessing Officer misinterpreted as under: "If income is taken for consideration for computation of section 115JB, then, exemption under section 10(38) of the Act is not available whereas proviso means that even if the income is exempt under section 10(38) of the Act, the same has to be considered while computing book profit under section 115JB of the Act." 10. Once this proper inte....