SEPARATE PROFIT AND LOSS ACCOUNT FOR THE PURPOSE OF MAT ARE REQUIRED. HOWEVER, THERE ARE VITAL DIFFERENCES IN THIS REGARD IN THREE SECTIONS. Therefore, recent judgment of Gujarat high Court on S. 115J are partly helpful for recent years.

SEPARATE PROFIT AND LOSS ACCOUNT FOR THE PURPOSE OF MAT ARE REQUIRED. HOWEVER, THERE ARE VITAL DIFFERENCES IN THIS REGARD IN THREE SECTIONS. Therefore, recent judgment of Gujarat high Court on S. 115J are partly helpful for recent years. https://www.taxtmi.com/article/detailed?id=361 A separate profit and loss account must be prepared for MAT. Section 115J required a separate P&L without mandating conformity of accounting policies or depreciation; section 115JA requires adoption of the same depreciation method and rates as in accounts laid before the AGM; section 115JB requires adoption of the same accounting policies, accounting standards and depreciation method and rates as in AGM-laid accounts. Gujarat High Court rulings on section 115J accepted separately prepared Schedule VI certified P&Ls, but those rulings have limited applicability for periods governed by 115JA/115JB. en-us Mon, 11 May 2009 00:00:00 +0530 Wed, 30 Jul 2025 21:46:02 +0530 TaxTMI RSS Generator SEPARATE PROFIT AND LOSS ACCOUNT FOR THE PURPOSE OF MAT ARE REQUIRED. HOWEVER, THERE ARE VITAL DIFFERENCES IN THIS REGARD IN THREE SECTIONS. Therefore, recent judgment of Gujarat high Court on S. 115J are partly helpful for recent years. https://www.taxtmi.com/article/detailed?id=361 A separate profit and loss account must be prepared for MAT. Section 115J required a separate P&L without mandating conformity of accounting policies or depreciation; section 115JA requires adoption of the same depreciation method and rates as in accounts laid before the AGM; section 115JB requires adoption of the same accounting policies, accounting standards and depreciation method and rates as in AGM-laid accounts. Gujarat High Court rulings on section 115J accepted separately prepared Schedule VI certified P&Ls, but those rulings have limited applicability for periods governed by 115JA/115JB. Articles Income Tax Mon, 11 May 2009 00:00:00 +0530 https://www.taxtmi.com/article/detailed?id=361