Loss on sale of Investment could not be reduced from Book Profits u/s 115JB for Capital Profits which do not have component of Income are to be excluded while computing book profits: ITAT [Read Order]

By Namaskar Acharya - On August 18, 2023 7:30 pm - 3 mins read

Loss on sale of Investment - Investment - sale of Investment - Book Profits - Capital Profits - computing book profits - ITAT - Taxscan

The Chennai bench of the Income Tax Appellate Tribunal (ITAT) held that capital profits, which do not have component of income, are to be excluded while computing Book Profits under section 115JB. The assessee being resident corporate assessee filed original return of income declaring ‘Nil’ income under normal provisions and Book-Profits under section 115JB for…

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