Held that deduction from the profit for the purpose of minimum alternate tax should be computed based on the profit per the profit and loss account and not in terms of business income per sections 28 to 44D. Since, the assessee had not given any working and neither the claim was made before the Assessing Officer because the assessee had computed the book profit under minimum alternate tax and not under the normal provision of computation of income, the issue was remanded back to the Assessing Officer to be decided in accordance with law. By way of additional ground, the assessee claimed that while calculating deduction under section 80HHC from book profit under minimum alternate tax, it claimed only 50 per cent. instead of 100 per cent. it was eligible for. The revised working submitted by the assessee was remanded back to the Assessing Officer to examine the computation of the revised admissible deduction under section 80HHC deductible from the book profit. (AY.2003-04)