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 MINIMUM ALTERNATE TAX

Computation of book profits : Where assessee incurred revenue expenditure during relevant year which was treated as deferred expenditure under intangible assets for write off over next few years and only a part had been shown and debited in profit and loss account, since tax liability had been computed under section 115JB, book profit had to be determined in terms of Part II of Schedule VI of Companies Act which necessarily include book profit after allowing deduction for whole of revenue expenditure – M/s Venus Remedies Ltd. v. Assistant Commissioner of Income-tax, Circle 5(1) – [2024] 158 taxmann.com 459 (Chandigarh – Trib.)

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