TMI BlogMAT computation - Disallowances on account of loss on revaluation of fixed assets - The expression...MAT computation - Disallowances on account of loss on revaluation of fixed assets - The expression 'income defined under Section 2(24) of the Act does not include such capital losses. The capital loss claimed on account of impairment of assets, in our view, is liable to be adjusted for the purposes of determination of book profit similar to the adjustment available in respect of capital receipts not taxable under the normal provisions of the Act. - Assessee is not entitled to reduce the book pro..... ..... X X X X Extracts X X X X X X X X Extracts X X X X
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