Tuesday 17 November 2015

Capital receipt credited to P&L account is part of book profit for MAT purposes



Recently, the Bangalore Income Tax Appellate Tribunal held that where an item of income or expenditure was correctly disclosed in the P&L account as per the Companies Act, any disclosure in the Notes to Accounts in this regard could not be a basis for adjusting book profits for the purpose of Section 115JB of the Income-tax Act. The profit in the P&L account was not open to tinkering by the assessing officer or the assessee while computing book profit under Section 115JB.

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Pre-GST taxes cannot be refunded if paid pursuant to an inquiry

  This is to update you about an important decision by Tribunal in the case of Filatex India Limited vs. CCE & ST , E A No. 10231 of ...