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Prior Period Item - MAT

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(Querist)
27 March 2008 Are prior period items allowable in MAT
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CA Shailesh +91 9393926464

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CA Shailesh +91 9393926464 (Expert)
27 March 2008 For calculation of Book Profit under MAT, specific deductions and inclusions are mentioned in Sec 115JB itself. Other provisions of The IT Act are not applicable to it. Hence, even the prior period exp is allowed to be as an expenditure if it is already debited in P & L A/c. No adjustment is required.
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