Friday, December 6, 2019

Provision for gratuity being an ascertained liability couldn't be considered while computing book profit for MAT

INCOME TAX: Where assessee-company on finalisation of accounts in a particular previous year, computed profit and loss of each contract, up to stage at which it was completed, it could not be regarded as ascertained liability and, thus, revenue authorities were justified in adding back said amount while computing book profit under section 115J

from www.taxmann.com Latest Case Laws https://ift.tt/2RAgu4z

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AO can’t disallow cost of improvement merely relying on enquiries made with assessee’s neighbour: ITAT

INCOME TAX : Where assessee had purchased a flat and incurred expenditure of Rs. 23 lakhs for purpose of renovating house and Assessing Offi...