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HC held that prior period expenses crystallized in the current financial year must be considered while computing book profits under MAT u/s 115JA. The Tribunal's hyper-technical approach was rejected, emphasizing that true financial representation should not be compromised by presentation technicalities. The court determined that expenses related to bonus, internal audit fees, and power charges, though arising from prior periods, were actually incurred in the relevant assessment year and should be incorporated in net profit calculations. Consequently, the revision proposal was deemed without merit, with the substantial question of law decided in favor of the assessee.
HC held that prior period expenses crystallized in the current financial year must be considered while computing book profits under MAT u/s 115JA. The Tribunal's hyper-technical approach was rejected, emphasizing that true financial representation should not be compromised by presentation technicalities. The court determined that expenses related to bonus, internal audit fees, and power charges, though arising from prior periods, were actually incurred in the relevant assessment year and should be incorporated in net profit calculations. Consequently, the revision proposal was deemed without merit, with the substantial question of law decided in favor of the assessee.
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