Prior period expenses not to be deducted while computing book profit for the purposes of section 115JA

Shree Bhagawathy Textiles Ltd. Vs. Asst. CIT– ITA No. 74/2010-Kerala High Court Judgment

The assessee disclosed a book profit of Rs. 78,43,643 and accepting the same the assessing officer completed the assessment on 30 per cent of the book profit i.e., fixing the income at Rs. 23,53,093. However, later the assessing officer noticed that the profit and loss account prepared by the assessee under Parts II and III of Schedule VI of the Companies Act disclosed a profit of Rs. 1,01,37,664, where from the asse

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