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TMI BlogBook ProfitX X X X Extracts X X X X X X X X Extracts X X X X ..... n for losses of subsidiary companies; or (e) the amount or amounts of dividends paid or proposed; or (f) the amount or amounts of expenditure relatable to any income to which any of the provisions of Chapter III applies; or (g) the amount withdrawn from the reserve account under section 80HHD, where it has been utilised for any purpose other than those referred to in sub-section (4) of that section; or (h) the amount credited to the reserve account under section 80HHD, to the extent that amount has not been utilised within the period specified in sub-section (4) of that section ; (ha) the amount deemed to be the profits under sub-section (3) of section 33AC, if any amount referred to in clauses ( a ) to ( f ) is debited or, as the case may ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ch would be required to be set off against the profit of the relevant previous year as if the provisions of clause ( b ) of the first proviso to sub-section (1) of section 205 of the Companies Act, 1956, are applicable. Explanation.1 -For the purposes of section 115JB of the Income tax Act 1961, book profit means the profit as shown in the statement of profit and loss for the relevant previous year prepared under sub-section (2), as increased by- (a) the amount of income-tax paid or payable, and the provision therefor; or (b) the amounts carried to any reserves, by whatever name called, other than a reserve specified under section 33AC ; or (c) the amount or amounts set aside to provisions made for meeting liabilities, other than ascertaine ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ction 47; or; (fd) the amount or amounts of expenditure relatable to income by way of royalty in respect of patent chargeable to tax under section 115BBF; or (g) the amount of depreciation, (h) the amount of deferred tax and the provision therefor, (i) the amount or amounts set aside as provision for diminution in the value of any asset, (j) the amount standing in revaluation reserve relating to revalued asset on the retirement or disposal of such asset, (k) the amount of gain on transfer of units referred to in clause (xvii) of section 47 computed by taking into account the cost of the shares exchanged with units referred to in the said clause or the carrying amount of the shares at the time of exchange where such shares are carried at a v ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... erve 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); or (iic) the amount of income, being the share of the assessee in the income of an association of persons or body of individuals, on which no income-tax is payable in accordance with the provisions of section 86, if any, such amount is credited to the statement of profit and loss; or (iid) the amount of income accruing or arising to assessee, being a foreign company, from,- (A) the capital gains arising on transactions in securities; or (B) the interest, dividend, royalty or fees for technical services chargeable to tax at the rate or rates specified in Chapter XI ..... X X X X Extracts X X X X X X X X Extracts X X X X
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