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    Income Tax

    MAT computation u/s 115JB - Adjustment for computation of book...

    Tribunal Rules Actuarial Valuations as Ascertained Liabilities, Favorably Impacting MAT Calculations for Taxpayers.

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    Income TaxFebruary 22, 2024Case LawsAT

    MAT computation u/s 115JB - Adjustment for computation of book profits u/s. 115JB on the ground that expenses are unascertained liability. - The Tribunal addressed each provision made by the assessee (for HD commission, ex gratia and bonus, gratuity to HD canvassers, and gratuity), analyzing whether they constituted ascertained or contingent liabilities. It referenced judicial precedents to allow the assessee's claims, emphasizing the principle that provisions based on actuarial valuations are considered ascertained liabilities.

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    ActsIncome Tax
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