No Adjustments required for Intangible Asset Amortization u/s 115JB: ITAT rules for Sun Pharma Labs Ltd. [Read Order]
The tribunal concluded that the AO incorrectly treated the fair value recording of assets as a revaluation. Consequently, the tribunal quashed the AO's adjustments to the book profit, allowing Sun Pharma's appeal
The Ahmedabad Bench of Income Tax Appellate Tribunal ( ITAT ) stating that no adjustments were required for the amortization of intangible assets while calculating book profits under Section 115JB of Income Tax Act,1961. Sun Pharma Laboratories Ltd., the appellant-assessee, appealed against the Commissioner of Income Tax(Appeals)[CIT(A)] order dated 28.02.2019 for Assessment Year (AY) 2015-16,…
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