https://www.taxtmi.com/caselaws?id=459205 ITAT Chandigarh allowed assessee's rectification application under section 154 regarding deduction of revenue expenditure from book profits under section 115JB. The court held that where assessee incurred total revenue expenditure but only partially debited it in P&L account while showing remainder in balance sheet, the entire revenue expenditure must be deducted while calculating book profits for MAT purposes. The P&L account must comply with Part II Schedule VI of Companies Act, requiring full disclosure of revenue expenditure. ITAT set aside CIT(A)'s order and directed AO to allow complete revenue expenditure deduction for MAT computation, finding the mistake apparent from records. en-us Thu, 24 Aug 2023 00:00:00 +0530 Wed, 04 Dec 2024 21:50:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=459205 ITAT Chandigarh allowed assessee's rectification application under section 154 regarding deduction of revenue expenditure from book profits under section 115JB. The court held that where assessee incurred total revenue expenditure but only partially debited it in P&L account while showing remainder in balance sheet, the entire revenue expenditure must be deducted while calculating book profits for MAT purposes. The P&L account must comply with Part II Schedule VI of Companies Act, requiring full disclosure of revenue expenditure. ITAT set aside CIT(A)'s order and directed AO to allow complete revenue expenditure deduction for MAT computation, finding the mistake apparent from records. Case-Laws Income Tax Thu, 24 Aug 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=459205