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of <h1>Appeal dismissed; deferred revenue expenditure cannot alter profits; P&L under Part II Schedule VI governs taxable income</h1> SC dismissed the revenue appeal and upheld the HC order that treating deferred revenue expenditure as a device to alter profits is impermissible. The ... MAT computation - deferred revenue expenditure - SC uphold the Order of H.C. [2015 (1) TMI 1023 - KARNATAKA HIGH COURT] wherein it was held that, it is nothing but a window dressing and the authority should not be mislead or guided by this balance sheet which is prepared to satisfy the shareholders. It is the P & L account prepared on the basis of the books of accounts as contemplated in Part-II of Schedule VI which should form and assist to find out what is the profit earned and on that profit, tax is levied. - Revenue appeal dismissed. The Supreme Court of India in 2016 (1) TMI 321 - SC Order, dismissed the special leave petitions after condoning the delay. The judges were Mr. A.K. Sikri and Mr. Rohinton Fali Nariman. The petitioner was represented by Mr. P. S. Patwalia, ASG, Mr. S. Wasim A. Qadri, Mr. Arijit Prasad, and Mrs. Anil Katiyar.
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