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    Income Tax

    Computation of book profit u/s. 115JB of the Act by excluding...

    Exclusion of Prior Period Gratuity Provision Upheld in Book Profit Calculation u/s 115JB of Income Tax Act.

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    Income TaxOctober 6, 2021Case LawsAT

    Computation of book profit u/s. 115JB of the Act by excluding prior period item - difference in net profit/loss taken by the assessee and the AO on account of provision for gratuity relating to earlier years as prior period item - There is no error in reasons given by the AO to compute book profit u/s. 115JB of the Act by taking net profit as per profit & loss account before considering deduction claimed for prior period item being provision for gratuity relating to earlier years. - AT

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