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Book Profit

Carbon Credit Income Exempted from Normal Income Tax Provisions and Book Profit: ITAT [Read Order]

Taxscan Team

The Delhi bench of the Income Tax Appellate Tribunal (ITAT) comprising Shri Challa Nagendra Prasad, Judicial Member and Shri Pradip Kumar Kedia,...

Adjustment made by Chartered Accountant in revised Form No.29B while computing revised Book Profits...

Excise Duty Exemption is Capital Receipt, neither chargeable to Income Tax nor categorised under...

Provisions of Book Profit not applicable to Banking Companies: ITAT [Read Order]

Prior Period Items can be excluded while computing Book Profit: ITAT [Read Order]

Disallowance made for Exempted Income not to be added for Computation of Book Profit: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Ahmedabad Bench ruled that the disallowance made for Exempted Income not to be added for computing of Computation of book profit. The assessee, M/s. Sun...

ITAT grants reduction of Unabsorbed Depreciation to the tune of Rs.8.48 Cr to GoAir [Read Order]

The Income Tax Appellate Tribunal (ITAT), Mumbai Bench granted reduction of unabsorbed depreciation amounting to Rs.8.48 Crores to GoAir. The assessee, M/s. GoAir (India) Ltd. is a company engaged...

Warrant Expenses deductible from Book Profit: ITAT grants relief to Lenovo [Read Order]

While granting relief to Lenovo, the Bangalore bench of the Income Tax Appellate Tribunal (ITAT) held that the warrant expenses should be deducted from the book profit under Section 115JB of the...

Expenses on Account of Interest Payment on Loans could not be added while Computing Book Profit: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Ahmedabad held that expenses on account of interest payment on loans could not be added while computing book profit. On verification of the balance sheet, it...

Profit and Loss adopted in AGM Qualified by Auditors can’t be Altered: ITAT [Read Order]

The Hyderabad bench of the Income Tax Appellate Tribunal ( ITAT ) has held that the profit and loss adopted in the annual general meeting (AGM) which was subsequently qualified by the statutory...

Only Ascertained Liability and not Mere Provision, is eligible for Adjustment against Book Profit: ITAT [Read Order]

The Hyderabad Bench of the Income Tax Appellate Tribunal ( ITAT ) in M/s. Southern Power vs. Dy. Commissioner of Income held that Only ascertained liability and not mere provision, is eligible for...