115JB

[potlurisree]

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

[pawansingla]

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.