KARNATAKA SMALL SCALE INDUSTRIES DEVELOPMENT CORPORATION LIMITED Vs. COMMISSIONER OF INCOME TAX BANGLORE

JUDGEMENT

(1.) All these, appeals are disposed of by this common Judgment.

(2.) The assessees who are in appeal before us are companies who have been subjected to imposition, of tax on 30% of their book profits in accordance with Section 115-J (1) of the Income tax Act, 1961 (referred to as the 'Act'.)

(3.) Section 115-J is in Chapter XII-B of the Act which is entitled Special Provisions Relating to Certain Companies. It was inserted by the Finance Act, 1987 with effect, from the Assessment Year 1988-89 and remained in operation till the Assessment Year 1990-91. The relevant extract of Section 115-J reads as follows :