Thursday, December 12, 2019

Transitional liabilities disclosed in notes to accounts to be adjusted while computing book profit u/s. 115JB

INCOME TAX: Transitional liabilities of gratuity and leave encashment as per provisions of AS-15, which were disclosed in Notes appended to accounts should be adjusted while computing book profit under section 115JB

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

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