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| The Tax Publishers2020 TaxPub(DT) 3594 (Karn-HC) INCOME TAX ACT, 1961
Section 115JB
Revenue fairly submitted that the substantial questions of law which arose for consideration in this appeal have already been answered against the revenue by a Bench of this Court in Hariram Hotels (P) Ltd. v. CIT [ITA No.53/2009 decided on 16-12-2015] : 2016 TaxPub(DT) 1835 (Karn-HC). Therefore, substantial question of law framed by this Court in this appeal was also answered against the revenue.
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MAT - Book profits under section 115JB - Capital profits on sale of land -
Issue arose for consideration as to whether Tribunal was justified in holding that capital profits on sale of land, which were credited to capital reserves account in the balance sheet, were not to be included under the book profits for the purpose of section 115J. Held: Revenue fairly submitted that the substantial questions of law which arose for consideration in this appeal have already been answered against the revenue by a Bench of this Court in Hariram Hotels (P) Ltd. v. CIT [ITA No.53/2009 decided on 16-12-2015] : 2016 TaxPub(DT) 1835 (Karn-HC). Therefore, substantial question of law framed by this Court in this appeal was also answered against the revenue and in favour of assessee.
Followed:Hariram Hotels (P) Ltd. v. CIT [ITA No.53/2009 decided on 16-12-2015] : 2016 TaxPub(DT) 1835 (Karn-HC)
REFERRED :
FAVOUR : In assessee's favour
A.Y. :
IN THE KARNATAKA HIGH COURT
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