MAT
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
26 April 2011
For the purpose of calculation of MAT,does book profit of a Company includes its share of profit or loss in a Partnership Firm ?
26 April 2011
Book profit will not include share income from partnership firm meaning thereby ,by virtue of clause(ii) to explanation-1 of section 115JB,it should be deducted from the net profit shown in the p & L account of the company. Same analogy can be adopted in case of loss by virtue of clause (f) of explanation-1 to the said section which means the loss should be added to the P & L profit of the company.
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