2015 (12) TMI 1907 - SCH - Income Tax

Supreme Court Rejects Appeal Due to Lack of Grounds; Late Filing Excused, Respondent Absent.

The Supreme Court dismissed the special leave petition, finding no justification to intervene with the challenged order. The delay in filing was condoned, ... MAT computation - Whether the Tribunal was correct in upholding the case of the assessee that deferred revenue expenditure debited to the P & L account could be modified and claimed during the current assessment year when computing book profits u/s 115JA - As decided by HC [2015 (1) TMI 1023 - KARNATAKA HIGH COURT] upholding the Tribunal's decision that the assessee is entitled to claim the entire expenditure as revenue expenditure for the purposes of Section 115JA. The court emphasized that the profit and loss account prepared in accordance with the Companies Act should be the basis for computing book profits, and deferred revenue expenditure is not recognized under the Act. HELD THAT:- Delay condoned. We see no reason to interfere with the order impugned. The special leave petition is accordingly dismissed. The Supreme Court dismissed the special leave petition as they saw no reason to interfere with the impugned order. Delay was condoned. No representation for the respondent.