Book Profit

This query is : Resolved 

02 September 2010 Can we deduct prior period expenses from Profit for the year for calculating Book Profit under MAT? Prior period expense is shown below the line in Profit & Loss account._Ashok Jukanti

03 September 2010 The adjustments given U/s 115JB is Exhaustive. The AO can adjust the expenses with related to those adjustments only. Since there is no specific exclusion of Prior year expenses U/s 115JB it is allowed.

04 September 2010 115JB provision specifically provided add ald less items.In added item there is nothing specified forthe disallowance of prior period item.hence it can be allowed. you need not to do any adjustment u/s 115jb in this case




You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join CCI Pro
CAclubindia's WhatsApp Groups Link


Similar Resolved Queries


loading


Unanswered Queries