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Company cannot modify P&L adopted in AGM overlooking Auditor qualification
Case Law Details
- Case Name
- Gati Limited Vs ACIT (ITAT Hyderabad)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2013-14
- Courts
- All ITAT, ITAT Hyderabad
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Gati Limited Vs ACIT (ITAT Hyderabad)
Conclusion: Once the financial statements were ratified by the shareholders, assessee had no right to modify the profit declared as per Companies Act and adopt differently for the purpose of MAT provisions. Therefore, the profit adopted by the company in the AGM overlooking the qualification of auditor was the final book profit for the purpose of section 115JB, assessee could not alter the same by claiming that it had not followed certain Accounting Standards.
Held: Assessee had prepared its financial statement without following one of the accounting stand...
