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AO can modify book profit for computation of MAT in case of non-compliance of AS by assessee

February 2, 2019[2019] 102 taxmann.com 40 (Hyderabad - Trib.)

IT : For purpose of section 115JB, financial statements including profit or loss statement shall be prepared duly following required accounting standards, policies, accepted methods and same should also laid before company at its AGM. Assessing Officer can and must modify book profit in case company has not followed Accounting Standards as per provisions of Companies Act. However, where assessee has prepared financial statement by following accounting system, standards and methods as per provisions of Companies Act and laid before company in AGM and once financial statements are ratified by shareholders, assessee cannot modify book profit as per first provision to section 115JB(2)

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