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of <h1>Revenue's appeal on book profit addition under s.115JB fails as certified company accounts cannot be recast</h1> HC dismissed the Revenue's appeal challenging deletion of addition to book profits under s.115JB. The Assessing Officer had alleged that the assessee ... Addition - book profit u/s 115JB - assessee intentionally prepared a wrong profit and loss account - HELD THAT:- Once the accounts including the profit and loss account are certified by the authorities under the Companies Act it is not open to the Assessing Officer to contend that the profit and loss account has not been prepared in accordance with the provisions of the Companies Act, 1956. The deletion of the addition by the Tribunal by following the decision of the apex court in the case of Apollo Tyres Ltd.[2002 (5) TMI 5 - SUPREME COURT] cannot be faulted. In the result, we see no merit in the appeal. The appeal is accordingly dismissed with no order as to costs. The High Court Bombay upheld the Income-tax Appellate Tribunal's decision to delete the addition of Rs. 1.98 crores made by the Assessing Officer under section 115JB of the Income-tax Act, 1961. The Tribunal followed the apex court decision in Apollo Tyres Ltd. v. CIT [2002] 255 ITR 273 (SC). The court dismissed the appeal, stating that once accounts are certified under the Companies Act, the Assessing Officer cannot challenge their preparation.
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