Sanjay saraf forex factory

115JB was to take care of the phenomenon of prosperous zero tax companies which had continued but were paying no income tax even though they had profits and were declaring dividends. It was therefore, sought that minimum corporate tax should be paid by these prosperous companies and accordingly, MAT sanjay saraf forex factory introduced.

The Hon’ble Kerala High Court in case of Karimtharuvi Tea Estate Ltd. III of VIth Schedule of the Companies Act needs to be seen. 5 also states that, extra-ordinary items should be disclosed separately in the profit and loss account. A con-joint reading of the above accounting standards suggests that, there are two types of compulsions while preparing annual accounts, one are accounting compulsions and second are disclosure compulsions.

Once that is so, then such notes qualifying the computation of book profit has to be read into it, that is, notes accompanying computation of income cannot be segregated or completely ignored. The profit arising on transfer of capital asset to its wholly owned Indian subsidiary company is liable to be excluded from the Net profit. In Apollo Tyres Ltd 265 ITR 273 and Kinetic Motor Co. Ltd 262 ITR 340 it was held that if the accounts were prepared in accordance with Schedule VI, the AO had no jurisdiction to make adjustments beyond what was provided in s.