Deferred Tax Not Recorded as Expenditure; Balance Sheet Adjustment Validates Deletion of Addition by Assessing Officer.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Addition on account of deferred tax liability - The deferred tax liability was never an item of expenditure in the profit and loss account. Therefore, there is no question of excess liability. - the adjustment in question in the balance sheet item cannot have any impact on the income of the assessee is also a sound basis for deleting the addition made by the AO - AT....