https://www.taxtmi.com/article/detailed?id=5129 The High Court held that profits on sale of fixed assets credited to the profit and loss account and disclosed under the Companies Act/ Schedule provisions as non recurring or exceptional receipts form part of the company's book profit for computation of the Minimum Alternate Tax. The court treated the company's statutory P&L presentation as determinative for book profit, while the author argues that fundamental accounting principles require capital receipts not relating to the company's working to be reflected in the balance sheet and excluded from P&L and book profit. en-us Tue, 14 May 2013 11:42:57 +0530 Tue, 14 May 2013 11:42:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=5129 The High Court held that profits on sale of fixed assets credited to the profit and loss account and disclosed under the Companies Act/ Schedule provisions as non recurring or exceptional receipts form part of the company's book profit for computation of the Minimum Alternate Tax. The court treated the company's statutory P&L presentation as determinative for book profit, while the author argues that fundamental accounting principles require capital receipts not relating to the company's working to be reflected in the balance sheet and excluded from P&L and book profit. Articles Income Tax Tue, 14 May 2013 11:42:57 +0530 https://www.taxtmi.com/article/detailed?id=5129