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AO can make adjustments to the book profits for computation of MAT, if book of Accounts are not as per schedule VI of the companies Act
Case Law Details
- Case Name
- DDIT Vs. M/s. Bombay Diamond Co. Ltd. (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Courts
- All ITAT, ITAT Mumbai
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Mumbai bench of Income Tax Appellate Tribunal (the Tribunal) in the case of DCIT Vs. Bombay Diamonds Co. Ltd. (ITA No. 7488/Mum/07) held that if the books of accounts of the taxpayer which are not prepared in accordance with part II and part III of schedule VI to the Companies Act, 1956, the Assessing Officer (AO) can make adjustment in the book profits under section 11 5JB of the Income-tax Act, 1961 (the Act) even if the books of accounts are audited or certified by the auditors and accepted by the shareholders.
Further, the Tribunal also held that the decision of the Supreme Court in the ca...
