https://www.taxtmi.com/caselaws?id=413165 The Tribunal upheld the Commissioner of Income Tax (Appeals)' decision, ruling that the provision for gratuity related to earlier years should not be allowed as a deduction in the computation of book profit under section 115JB of the Income Tax Act, 1961 for the assessment year 2006-07. The Tribunal emphasized that adjustments to book profit were limited, as specified in Explanation (1) to the section, and prior period items, including the provision for gratuity, should not be considered for deduction. The appeal was dismissed, affirming the computation of book profit without including prior period items. en-us Mon, 27 Sep 2021 00:00:00 +0530 Tue, 05 Oct 2021 20:49:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=413165 The Tribunal upheld the Commissioner of Income Tax (Appeals)' decision, ruling that the provision for gratuity related to earlier years should not be allowed as a deduction in the computation of book profit under section 115JB of the Income Tax Act, 1961 for the assessment year 2006-07. The Tribunal emphasized that adjustments to book profit were limited, as specified in Explanation (1) to the section, and prior period items, including the provision for gratuity, should not be considered for deduction. The appeal was dismissed, affirming the computation of book profit without including prior period items. Case-Laws Income Tax Mon, 27 Sep 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=413165