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Provision for leave encashment and gratuity is allowable in book profit computed u/s 115JB
Case Law Details
- Case Name
- Fourrts (India) Labs Pvt. Ltd Vs ACIT (ITAT Chennai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2014-15
- Courts
- All ITAT, ITAT Chennai
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Fourrts (India) Labs Pvt. Ltd Vs ACIT (ITAT Chennai)
ITAT Chennai held that addition of provisions for leave encashment and provision for gratuity to book profit computed u/s 115JB unsustainable as the same is ascertained liability.
Facts- The assessee company is engaged in the business of manufacturing of harmless medicines. The assessment has been completed u/s. 143(3) by making various additions including additions towards sales promotion expenses u/s. 37(1) of the Act, towards freebies paid to Doctors amounting to Rs. 21,08,795/-, disallowance of deduction claimed u/s. 35(...
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