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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?
Case Law Details
- Case Name
- Singareni Collieries Company Ltd Vs ACIT (ITAT Hyderabad)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- 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 ...
