The HC upheld that LTCG exempt u/s 10(38) should be included in book profits for MAT computation u/s...

The High Court determined that Long-Term Capital Gains (LTCG) exempt under Section 10(38) of the Income Tax Act should be included in the calculation of book profits for the purpose of Minimum Alternate Tax (MAT) under Section 115JB. However, the proviso to Section 10(38) does not allow for the inclusion of exempt LTCG in normal income if it is not part of the book profits. The Commissioner of Income Tax (Appeals) and the Income Tax Appellate Tribunal correctly dismissed the Revenue's argument. .....

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