Tribunal held that the \u00a0retention money cannot be regarded as income even for the purpose of computing the book profits under section\u00a0115JB\u00a0. The retention money did not partake of the character of income till the time the contractual obligation were fully performed to the satisfaction of the payer or other parties concerned. Accordingly the retention\u00a0 money not to be considered for computing book profits . Tribunal held that section\u00a0115JB\u00a0is in the nature of a non obstante clause, there was no exception thereto in the deduction provision under section\u00a080-IA\u00a0. The maxim generalia specialibus non derogant was applicable. Minimum alternate tax exemption regarding its section\u00a080-IA\u00a0deduction was not allowable. Followed\u00a0 Rockline Developers P. Ltd. v. ITO (ITA. No. 5125\/Mum\/2016 dt.6-7 – 2018) Tribunal also held that the Explanation 2(iv) and (v) to section 115JB makes it clear that the secondary and higher education cess(es) on Income-tax had been included in Explanation (1)(a) thereto. Therefore the assessee was not entitled to exclude the section 40(a)(i) disallowance from the computation under section 115JB. Tribunal also held that\u00a0 the statutory expression \u201ctax\u201d does not exclude \u201ccess\u201d. The Assessing Officer was directed to allow the assessee\u2019s education cess(es).\u00a0 Deduction under section 80IA\u00a0 can be claimed in appellate proceedings . ( AY.2010-11, 2011-12)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 115JB : Book profit – Retention money \u2013 Not to be considered for computing book profits \u2013 Exemption under section 80IA is not allowable while computing book profit- Secondary and higher education cess- Deduction can be claimed in appellate proceedings [ S. 40(a)(i), 80IA 254(1) ] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-14208","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-3Ha","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/14208","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=14208"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/14208\/revisions"}],"predecessor-version":[{"id":14209,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/14208\/revisions\/14209"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=14208"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=14208"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=14208"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}