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Computation of book profits for the purpose of computing the tax liability u/s. 115JB - two sets of books of account - there is no material on record indicating the first set of annual accounts are not in accordance with the provisions of section 210 of the Companies Act. The very fact that the annual accounts were re-cast by providing liability towards additional cane price goes to prove that the appellant company had not followed the same Accounting Polices and Accounting Standards which are adopted in the former set of annual accounts. Therefore, the second set of annual accounts cannot be adopted for the purpose of computing the tax liability under the provisions of section 115JB of the Act. - AT
Computation of book profits for the purpose of computing the tax liability u/s. 115JB - two sets of books of account - there is no material on record indicating the first set of annual accounts are not in accordance with the provisions of section 210 of the Companies Act. The very fact that the annual accounts were re-cast by providing liability towards additional cane price goes to prove that the appellant company had not followed the same Accounting Polices and Accounting Standards which are adopted in the former set of annual accounts. Therefore, the second set of annual accounts cannot be adopted for the purpose of computing the tax liability under the provisions of section 115JB of the Act. - AT
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