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Waiver under one time settlement disclosed in audit report to be considered while computing book profits

January 25, 2019[2019] 101 taxmann.com 214 (Mumbai - Trib.)/[2019] 174 ITD 605 (Mumbai - Trib.)

IT: Where waiver of principal and interest under one time settlement with lender was disclosed in 'Notes' to Auditors Report, it was obligatory on part of Assessing officer to have considered same while determining 'book profit' under section 115JB

IT: Interest paid on delayed payment of TDS is allowable under section 37(1)

IT: While computing book profits under section 115JB, assessee's claim for deduction in respect of prior period adjustments could not be allowed

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