Court : Income Tax Appellate Tribunal ITAT Madras
Decided on : Jul-25-1995
Reported in : (1996)56ITD132(Mad.)
..... essentially ad hoc in character. parliament was aware of this and it was, therefore, that parliament went on to incorporate suitable provisions under sections 80vva(4) and 115j(2).the rationale behind these provisions is that other benefits such as carry forward and set off of business losses, carry forward of unabsorbed investment allowance, carry forward of deficiency under section 80j ..... quantum of the bounties available under the act. it was, therefore, that section 115j provided that every company must pay tax at least on 30% of its book profits.the rationale of applying the guillotine is understandable, because what parliament can give, it can take away wholly or in part.13. it should not be forgotten that the scheme of restricting .....Tag this Judgment!