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2009 (11) TMI 20 - AAR - Income TaxApplication of Accounting Standard (AS) no. 12 - Section 115JB - held that - the amount of interest paid to RRVPN Rs. 1168841/- on the amount of FDR loan raised by RRVPN from financial institutions on behalf of assessee company is allowable - amount debited under the head "prior period expenses" can not be added back for the purpose of book profit u/s 115JB - regarding application of AS 12 When the Companies Act itself provides for departure in the case of Companies engaged in the supply of electricity, it is difficult to rule out the application of the accountancy principles contained in the statutory rules framed under the Electricity (Supply) Act. The Authority is of the considered view that the submission made by the applicant's counsel in this regard has considerable force - since the issue of application of AS 12 raised first time before authority issue left open to AO to examine.
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