S. 115JB: AO entitled to tinker with P&L A/c if assessee's claim not permitted by accounting principles

Padinjarekara Agencies Pvt. Ltd vs. ACIT (ITAT Cochin)

The question that had arisen was whether the Assessing officer was entitled to disturb the net profit shown by the assessee in the profit and loss account prepared as per the Companies Act, 1956.in order to enable anybody to understand the implication of such deviation, it was made mandatory for the companies to disclose the […]