The assessee received an amount of Rs.43 lakhs being remission of liability of ING Vysya Bank Ltd. The assessee has prepared its P&L A/c by including this amount as income. The assessee submitted before the AO that this remission of the liability was on account of principal amount of loan and therefore, the same is not in the nature of income which can be considered as part of the book profits u/s 115JB of the Act. Held that Even a non-taxable capital receipt credited to the P&L A/c cannot be excluded while computing the book profits. The fact that the notes to the A/cs state that the receipt is on capital account is irrelevant. B & B Infotech Ltd vs. ITO (ITAT Bangalore) 07-10-2015