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Income Tax - Highlights / Catch Notes

Home Highlights September 2019 Year 2019 This

MAT - Adjustments to Book Profit - CIT(A) failed to consider the ...


Tax Authority's Error: Improper Book Profit Adjustments Violating Section 115JB Precedent by Reducing Fixed Asset Sale Profits.

September 28, 2019

Case Laws     Income Tax     AT

MAT - Adjustments to Book Profit - CIT(A) failed to consider the binding precedent and allowed the adjustment beyond what is provided in Explanation to Section 115JB by reducing the profit on sale of fixed assets which was credited by the assessee company to its profit and loss account.

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