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Revaluation reserve not routed through Profit and Loss Account could not be added to net profit while computing the book profit for the purpose of MAT
Case Law Details
- Case Name
- The ITO Ward -6(3)(1) Vs M/s. Galaxy Saws P. Ltd (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2005- 06
- Courts
- All ITAT, ITAT Mumbai
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Revaluation reserve not routed through Profit and Loss Account could not be added to net profit while computing the book profit for the purpose of MAT
Recently, the Mumbai bench of the Income-tax Appellate Tribunal (the Tribunal) in the case of ITO v. Galaxy Saws P. Ltd. (ITA No. 3747/M/2010) (Judgement Date: 11 March 2011, Assessment Year: 2005-06) held that revaluation reserve not routed through Profit & Loss Account but directly transferred to balance sheet could not be added to net profit while computing the book profit for the purpose of Minimum Alternate Tax (MAT). Further, the Tribu...
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