https://www.taxtmi.com/caselaws?id=34980 Interest on borrowings raised for an assessee's business purposes was treated as deductible under section 36(1)(iii), subject to verification of the factual record. Prior period expenses were considered not liable to be added back to MAT book profit under section 115JB where the liability crystallised during the year, again requiring factual verification. For an electricity-supply company, depreciation and related MAT adjustments could not be reworked by the Assessing Officer by substituting his own calculations where statutory accounts and the special accounting framework governed the figures. The article therefore states that MAT adjustments must respect the applicable statutory accounts and governing rules. en-us Fri, 20 Nov 2009 00:00:00 +0530 Thu, 31 Jan 2013 12:41:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=34980 Interest on borrowings raised for an assessee's business purposes was treated as deductible under section 36(1)(iii), subject to verification of the factual record. Prior period expenses were considered not liable to be added back to MAT book profit under section 115JB where the liability crystallised during the year, again requiring factual verification. For an electricity-supply company, depreciation and related MAT adjustments could not be reworked by the Assessing Officer by substituting his own calculations where statutory accounts and the special accounting framework governed the figures. The article therefore states that MAT adjustments must respect the applicable statutory accounts and governing rules. Case-Laws Income Tax Fri, 20 Nov 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=34980