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Applicability of MAT on amount withdrawn from revaluation reserve and credited to P&L account
Case Law Details
- Case Name
- Indo Rama Synthetics (I) Ltd. Vs. CIT (Delhi High Court)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Courts
- All High Courts, Delhi High Court
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RELEVANT PARAGRAPH
3 That the relevant provision of Section 115 JB proviso to clause-(i) of Explanation 1 reads as under:-
“115JB.—Special provision for payment of tax by certain companies
(1) Notwithstanding anything contained in any other provision of this Act, where in the case of an assessee, being a company, the income-tax, payable on the total income as computed under this Act in respect of any previous year relevant to the assessment year commencing on or after the 1st day of April, 2001, is less than seven and one-half per cent of its book profit, ...
