MAT need not be based on audited accounts not complying with the prescribed format: ITAT Mumbai

Mumbai Income Tax Appellate Tribunal (ITAT) ruled out in the case of Bombay Diamond Co. Ltd. (Taxpayer) [2009-TIOL-760- 1TAT-MUM] on the issue of whether the Tax Authority has power to adjust the book profit base for the computation of Minimum Alternate Tax (MAT), if it is apparently found that audited accounts are n

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