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2012 (6) TMI 562 - HC - Income TaxMAT - Whether Tribunal was right in holding that earlier year's bonus is to be deducted from the book profit under section 115J - assessee took the contention that the Assessing Officer should have deducted the bonus paid as well as the from the net profit arrived, since the donation and the bonus were actual cash outgoings from the current year's profit should have been deducted from the net profit - in computing the profit and loss account as per Part II of Schedule VI to the Companies Act, these expendi- ture really go in the computation of the profit and loss account - Held that:- when the profit and loss account of the assessee-company disclosed the net profit as Rs. 24,85,760 in accordance with Parts II and III of Schedule VI to the Companies Act, the assessee is not entitled to have the deduction of amounts assessed on the profit and loss appropriation account in the computation of net profit. tax case appeal allowed
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