Case Law Details
Case Name : Singareni Collieries Company Ltd Vs ACIT (ITAT Hyderabad)
Appeal Number : ITA No. 490/H/2007
Date of Judgement/Order : 31/03/2011
Related Assessment Year : 2000- 01
Courts :
All ITAT ITAT Hyderabad
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Singareni Collieries Company Ltd Vs ACIT (ITAT Hyderabad) – Whether book profits is to be computed with reference to each assessment year – Whether profits earned during the period of sickness and available for setting off under normal provisions of Income Tax are to be excluded from the ambit of book profit of non-sick years. – Assessee’s appeal dismissed. The ITAT held on various issues as under
- Sick Company — Profits earned by a company during period of sickness are to not be excluded from ambit of book profit of non-sick years.While computing the book profit in any assessment year during the period of sickness, if there is any book profit in that assessment year that book profit has to be deducted from the net profit shown in the profit and loss account of the assessee.
- Prior period expenditure — Prior period expenditure is not deductible from the net profit while computing both under normal computation and under s 115JA and 115JB.
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