I have read in a book written by Sri Narayan Jain & Dilip Loyalka by name "How to Handle Income Tax Problems" 18th Edition (Page Nos 932 & 933) in which it was mentioned that Profits from business of generation or generation and distribution of power is taxable with effect from 2007-08. As per 115JB all companies are subject to MAT. Could any one please let me know any case law for the above
Itseems that the writer has not taken into account the amendment in sec. 115JA. Though there was deduction available to power generating companies tioo A.Y. 2000-01 , same was withdrawan from A.Y. 2001-02 specifically. I think based onthese writers opinino's , same companies also claimed deduction under section80IB(10) from Book Profit.However ,this was turned tdown in Ganesh Housing corporation case by ITAT Ahmedabad. According to me , the view is in correct and legally not correct.