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TMI BlogMAT - Computation of Book Profits - Deductions - Explanation 1 to Section 115JB(2)X X X X Extracts X X X X X X X X Extracts X X X X ..... nder section 10 except section 10(38) i.e. LTCG exempt under section 10(38) for the A.Y. 2005-06 and 2006-07; Income exempt under section 11 Section 12 (iia) the amount of depreciation debited to the statement of profit and loss (excluding the depreciation on account of revaluation of assets) (iib) the amount withdrawn from revaluation reserve and credited to the statement of profit and loss , to the extent it does not exceed the amount of depreciation on account of revaluation of assets referred to in clause (iia) (iic) Share of profit from an AOP/BOI on which no income tax is payable in accordance with the provisions of section 86 (iid) the amount of income accruing or arising to assessee, being a foreign company , from,- (A) the capital ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ount of said units; or (C) gain on transfer of units referred to in section 47(xvii), In other words - The amount representing notional gain on transfer of a capital asset being share of special purpose vehicle to a business trust in exchange of units alloted by the trust or notional gain from change in carrying amount of such units or gain on transfer of such units, if credited to the statement of profit and loss. (iif) the amount of loss on transfer of units referred to in Section 47(xvii) (i.e. any transfer of a capital asset, being share of a special purpose vehicle to a business trust in exchange of units allotted by that trust to the transferor) (Applicable from the assessment year 2016-17) the amount of loss on transfer of units refe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ude depreciation; if either the figure of brought forward loss or unabsorbed depreciation is NIL , no deduction will be allowed from the book profit of the relevant year; (iv) the amount of profits of sick industrial company for the assessment year commencing on and from the assessment year relevant to the previous year in which the said company has become a sick industrial company under section 17(1) of the Sick Industrial Companies (Special Provisions) Act, 1985 and ending with the assessment year during which the entire net worth of such company becomes equal to or exceeds the accumulated losses. (v) the amount of deferred tax , if any such amount is credited to the statement of profit and loss. (vi) The amount of profit derived from the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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