Final Tax liability As per normal provisions OF 2 53733 As per MAT Whichever is higher Total Tax 8.80.650 ILLUSTRATION 8. Following is the P and LNe of Sonia Co. Ltd. for the year net NZO 40,000 By Agriculture Income PROFIT AND LOSS AC 2.25.000 By Sales 14.005 55.0 2.500 To Purchases To General Charges To Commission and brokerage To Income Tax To Legal expenses To Fines and penalties To Depreciation To Provision for contingent liability To Proposed dividend To Loss of subsidiary company To Net profit 1.80,000 By Transfer from Investment Reserve 2.000 1.15.000 By LTCG. 65,000 25.000 2.60.000 70,000 1.50,000 2,00,000 5.75,000 19.05.000 19.05. Additional Information : 1. General charges include donation to Prime Minister's Relief Fund of Rs 22.000 2. Depreciation as per Income tax Act 3,00,000. 3. Brought forward Business Losses and Depreciation. As per Ales. As per I.T.tax B/P business Losses 3.00.000 4,00.000 Unabsorbed Depreciation 50.000 1,50.000 4. Investment Reserve was created during Previous Year 2000-01 as a result of profit on revolution of investment directly credited. 5. The LTCG has been invested in NHAI Bonds as per sec. 54EC. Calculate the tax liability as per Normal provisions of I.T. Act and as per MAT. Is the company entitled to any tax credit under section 115 JAA