2016 (1) TMI 321 - SCH - Income Tax

MAT computation - deferred revenue expenditure - SC uphold the Order of H.C. 2015 (1) TMI 1023 - KARNATAKA HIGH COURT wherein it was held that, it is nothing but a window dressing and the authority should not be mislead or guided by this balance sheet which is prepared to satisfy the shareholders. It is the P & L account prepared on the basis of the books of accounts as contemplated in Part-II of Schedule VI which should form and assist to find out what is the profit earned and on that profit, tax is levied. - Revenue appeal dismissed.

Summary

The Supreme Court of India in 2016 (1) TMI 321 - SC Order, dismissed the special leave petitions after condoning the delay. The judges were Mr. A.K. Sikri and Mr. Rohinton Fali Nariman. The petitioner was represented by Mr. P. S. Patwalia, ASG, Mr. S. Wasim A. Qadri, Mr. Arijit Prasad, and Mrs. Anil Katiyar.