Partner's share of in loss of pratership firm

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

26 April 2011 Whether Partner's Share of Loss(partner being a company)in a partnership firm then while calculating the book profit of the company Partner's Share of Loss would be added back or will not considered in MAT.
Also tell that Partner's share of profit whether it would be deducted while calculating Book Profit of the Company.
Pl revert back.
Rgds,
Anshul Singhvi

CA MANOJ GUPTA

CA MANOJ GUPTA (Expert)
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26 April 2011 Book profit is nothing but net profit ar per p/l account as adjusted by the adjustments provided for in section 115JB so if the loss/profit fm pship is debited/credited to the p/l accoount than same would automatically be adjusted in net profit as per p/l no furher adjustment is reqd under section 115JB

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