https://www.taxtmi.com/caselaws?id=311183 ITAT Ahmedabad dismissed Revenue's appeal challenging reopening of assessment beyond four years for FBT provision and Social Forestry expenditure additions. The tribunal found no failure by assessee to disclose material facts as FBT provision was in P&L account during original assessment and Social Forestry expenditure was properly disclosed. Regarding MAT credit entitlement adjustment while computing book profit under Section 115JB, ITAT deleted the addition, finding no logic in the adjustment since provision for current tax and MAT credit were shown separately per accounting principles. On foreign exchange fluctuation loss on working capital, the matter was restored to AO for fresh examination with proper verification. en-us Tue, 18 Oct 2016 00:00:00 +0530 Tue, 12 Dec 2023 20:02:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=311183 ITAT Ahmedabad dismissed Revenue's appeal challenging reopening of assessment beyond four years for FBT provision and Social Forestry expenditure additions. The tribunal found no failure by assessee to disclose material facts as FBT provision was in P&L account during original assessment and Social Forestry expenditure was properly disclosed. Regarding MAT credit entitlement adjustment while computing book profit under Section 115JB, ITAT deleted the addition, finding no logic in the adjustment since provision for current tax and MAT credit were shown separately per accounting principles. On foreign exchange fluctuation loss on working capital, the matter was restored to AO for fresh examination with proper verification. Case-Laws Income Tax Tue, 18 Oct 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=311183