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Case Law Details

Case Name : Gati Limited Vs ACIT (ITAT Hyderabad)
Related Assessment Year : 2013-14
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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.

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