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Book Profit

Doubtful Debt in Nature of Diminution in value of Asset, unless there is finding u/s 35(1)(vii) of Income Tax Act: ITAT upholds Addition of Book Profit u/s 115JB [Read Order]

Namaskar Acharya

The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) held that in the year under consideration when the provision for doubtful debt has been...

ITAT deletes Addition of Disallowance u/s 14A of Income Tax Act on Computation of Book Profit u/s...

Interest Receipt under TUFS Scheme is Capital in Nature, needs to be Excluded While Working out Book...

Unabsorbed Depreciation only taken to make adjustment u/s 115JB be Set off Against Current Year Book...

CSR Expenses to be Excluded while Computing Book Profit u/s 115B: ITAT [Read Order]

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

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...

Leave Encashment and Employees provision for Gratuity are ascertained Liability, allowable in Book Profit Computation: ITAT [Read Order]

The Chennai bench of the Income Tax Appellate Tribunal ( ITAT ) has held that leave encashment and employee provision for Gratuity is ascertained liability and allowable in book profit computation. ...

Relief to Ambuja Cement: ITAT directs AO to exclude Sales Tax Incentive Subsidy for Computing Book Profit [Read Order]

The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT), directed Assessing Officer (AO) to exclude sales tax incentive subsidy for computing book profit, thereby granting relief to Ambuja...

Subsidy/Incentive received are Capital Receipts, should be excluded from Book Profit u/s 115JB: ITAT grants relief to Birla Corporation [Read Order]

A Division Bench of the Income Tax Appellate Tribunal (ITAT), Kolkata Bench held that the Subsidy or incentive received are capital receipts, should be excluded from book profit under Section 115JB...

Receipt not in the Nature of Income cannot be included in Book Profit for Computation u/s 115JB, Interest in Power subsidy has to be excluded: ITAT

The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) has held that the receipt not like income cannot be included in book profit for computation u/s 115JB of the Income Tax Act,1961 and the...

No Disallowance of Expenses can be made for Exempt Income u/s 14A r/w Rule 8D of IT Rules while Computing Book Profit: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Chennai held that No disallowance of expenses can be made for exempt income u/s 14A of The Income Tax Act, 1961 and Rule 8D of Income Tax Rules,1962 while...

CSR Expenses cannot be added to Book Profit: ITAT [Read Order]

The Delhi bench of the Income Tax Appellate Tribunal (ITAT) has held that CSR expenses cannot be added to book profit under section 115JB of the Income Tax Act, 1961. The assessee company, GE...