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2008 (9) TMI 89 - HC - Income Tax
Computation of book profit - prior period / extraordinary items shown separately in the P/L A/c due to the specific requirement of the Accounting Standards prescribed by the ICAI - Tribunal was correct in law in holding that the AO failed to appreciate that the net profit (as referred to in Section 115 JA) of the assessee company is to be computed only after deducting the expenses on prior period / extraordinary items which are business expenditure – revenue’s appeal is dismissed