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2016 (8) TMI 1385 - ITAT AHMEDABADMAT - addition made to the book profit u/s. 115JB - Rectification of mistake u/s 154 - Assessee company has debited ₹ 1,94,00000 crores as provision for current tax whereas while working income under MAT provision had added only ₹ 4,18,968/- as income tax provision, therefore, he has made addition of ₹ 1,89,81,032/- as provision for income tax to the book profit - Held that:- After perusal of the detail on record and the facts of the case, we observe that if provision of income tax of ₹ 1,94,00000/ is added for the purpose of calculation of book profit, then the amount credited to profit and loss account being MAT credit entitlement ₹ 1,93,69,003/ is to be reduced while calculating book profit as is mentioned in item no.(i) of explanation 1 to sec.115JB(2) of the act. It was also noticed that alternatively if the amount of profit before the tax is taken for calculating book profit u/s. 115JB of the act and no adjustment are made with respect to income tax then also the calculation of book profit. It is clearly demonstrated from the above facts that the assessee has debited income tax provision of ₹ 1.94,00000 crores against which it has claimed MAT credit of ₹ 1,93,69,003/- therefore, the difference of ₹ 30,997/- was added to the book profit. In the light of the above and after considering the detailed findings of CIT(A), we do not find any merit in the appeal of the assessee, therefore, the same is dismissed.
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