| The Tax Publishers2020 TaxPub(DT) 0048 (Kol-Trib) INCOME TAX ACT, 1961
Section 115JB
Where exempted agricultural income under section 10(1) was a sum of Rs. 2,08,86,160, as worked out in order by AO, while computing taxable income as per normal income-tax provisions, therefore, AO was directed to take agricultural income under section 10(1) at Rs. 2,08,89,160 to compute book profit under section 115JB.
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MAT - Book profits under section 115JB - Deduction of agricultural income - Income from tea growing and manufacturing business
Issue arose for consideration as to CIT(A) had erred in confirming the action of AO who computed book profit under section 115JB by deducting the exempt income under section 10(1) Rs. 1,19,76,438 instead of Rs. 2,08,86,160 worked out in the main computation of income. Held: Exempted agricultural income under section 10(1) was a sum of Rs. 2,08,86,160, as worked out in the order by AO, while computing taxable income as per normal income tax provisions. Therefore, AO was directed to take agricultural income under section 10(1) at Rs. 2,08,89,160 to compute book profit under section 115JB.
REFERRED :
FAVOUR : In assessee's favour
A.Y. : 2013-14
IN THE ITAT, KOLKATA BENCH
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