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Sec.115 JB

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(Querist)
13 July 2009 Q. Should Following item be "Add back" or "reduced" from the P & L (as per Companies act) for the purpose of making P&L as per Sec.115 JB :

(1) Excess Income tax, which was paid earlier is refunded during the C.Y.

(2) Penalty of any act(other then Income tax act 1961)
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vinod kumar lalwani

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vinod kumar lalwani (Expert)
13 July 2009 hello!

we can adjust our book profit only by items given in sectin 115jb and not any other items.

income tax refund is not a income and it can not be adjusted. as when u paid income tax excess then a asset named IT Refundable was booked and whenever it will be crystalised then it will not affect profit and loss account and entry will bw

cash a/c dr.
IT refundable.

as far as penaty is concern it is a expenses disallowed when co. pays tax as per normal provisions not MAT. so it would not be liable to be adjusted.
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