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The tribunal has held that net profits have to be determined as per the provisions of the companies Act and thereafter, the adjustments have to be made. It has further been held that the assessee cannot adjust the books of profit except as provided under the companies Act.

Shanti Prime Publication Pvt. Ltd.

Section 10A & 115JB of the Income-tax Act, 1961—Minimum Alternate Tax— Tribunal held that net profits have to be determined as per the provisions of the companies Act and thereafter, the adjustments have to be made and the assessee cannot adjust the books of profit except as provided under the companies Act but while passing the order, the tribunal has misconstrued the relevant statutory provisions and has not dealt with the claim of the assessee for deduction under Section 10A , therefore, matter was remanded back- - YOKOGAWA INDIA LTD. V/s DEPUTY CIT - [2020] 26 ITCD Online 134 (KARN)

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