https://www.taxtmi.com/article/detailed?id=4109 Computation of income must reconcile profit and loss accounts with taxable income, separately recording adjustments for items that receive distinct tax treatment. Loss or profit on sale of business or depreciable assets often requires block of assets adjustments and capital gain computation rather than simple P&L treatment. Honest inadvertent errors in such computations may be viewed by tribunals as not warranting penalty if supported by facts, but significant discrepancies demand meticulous cross verification, prepared computations, and filing of supporting hard copies even when returns are paperless. en-us Sat, 20 Apr 2013 16:31:14 +0530 Sat, 20 Apr 2013 17:49:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=4109 Computation of income must reconcile profit and loss accounts with taxable income, separately recording adjustments for items that receive distinct tax treatment. Loss or profit on sale of business or depreciable assets often requires block of assets adjustments and capital gain computation rather than simple P&L treatment. Honest inadvertent errors in such computations may be viewed by tribunals as not warranting penalty if supported by facts, but significant discrepancies demand meticulous cross verification, prepared computations, and filing of supporting hard copies even when returns are paperless. Articles Income Tax Sat, 20 Apr 2013 16:31:14 +0530 https://www.taxtmi.com/article/detailed?id=4109