COMMISSIONER OF INCOME TAX CHENNAI vs. TULSYAN NEC LTD
C.A. No.-010677-010679 - 2010Supreme Court16 Dec 2010
Section 115J
III of Schedule VI to the
Companies Act, 1956, subject to the adjustments specified in
the Explanation to Section 115JA. The higher of the two
computations is deemed to be the “total income” chargeable to
tax and tax is payable accordingly. Thus, Section 115JA
enacts a deeming fiction by deeming 30% of book profits to be
the “total
