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
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