Prior period Expense can’t be Added back While Computing Profit & Gain of Business and Profession: ITAT orders to Recompute Book Profit [Read Order]

By Kalyani B. Nair - On January 3, 2023 6:21 pm - 2 mins read

Expense - Computing Profit - Gain - Computing Profit & Gain - Business - Business and Profession - ITAT - Income Tax - Recompute Book Profit - Book Profit - Taxscan

The Chennai bench of the Income Tax Appellate Tribunal (ITAT) has held that prior period expense can’t be added back while computing profit & gain of business and profession. Kavithalayaa Productions-(P) Ltd, the assessee company engaged in the business of film production and distribution filed its return of income for the AY 2008-09 on 14.09.2008…

Your free access to Taxscan has Expired

To read the article, get a premium account.

Taxscan Premium

Why should you subscribe?

Enjoy our website without interruptions from advertisements
Receive Daily newsletters
Receive realtime Telegram/Whatsapp news updates
Download original Judgements / Order / Notifications / Circulars, etc
Enjoy exclusive entry fees to Simplified series. (Webinars, Seminars, masterclasses, etc.)

₹1199 + GST for 1 year

Subscribe Now

Topics