Dismissing the appeal of the assessee the,Tribunal held that even income arising from the business of a SEZ Unit, which is exempt u/s 10AA, is subject to MAT from AY 2012-13 onwards owing to the insertion of the proviso to s. 115JB(6). The earlier judgements holding that the exemption provisions would prevail over s. 115JB are not good law after the insertion of the proviso to s. 115JB(6) (CBDT Circular No. 2/2012 dated 22.5.2012 referred) . Order of rectification is held to be valid. (ITA No. 769/JP/2018, dt. 22.08.2019)(AY. 2012-13)
Safeflex International Ltd. v. ITO ( 2019) 183 DTR 129 /202 TTJ 258(Jaipur)(Trib.), www.itatonline.org
S. 115JB : Book profit-Special economic zones-Even income arising from the business of a SEZ Unit, which is exempt u/s 10AA, is subject to MAT from AY 2012-13 onwards owing to the insertion of the proviso to s. 115JB(6)-Order of rectification is held to be valid. [S. 10AA, 154]