https://www.taxtmi.com/caselaws?id=64009 The Tribunal directed the Assessing Officer to delete the addition of Rs. 135.13 lakhs (later rectified to Rs. 110.87 lakhs) for computing book profits u/s 115J, as the change in accounting method for foreign exchange fluctuations was to be applied retrospectively. The Tribunal found that the financial statements reflected a true and fair view, and no specific provision required adding back such liability. However, the judgment did not address the issue of disallowance under Rule 68 of the Income-tax Rules. en-us Mon, 26 Apr 1999 00:00:00 +0530 Mon, 21 Nov 2016 13:20:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=64009 The Tribunal directed the Assessing Officer to delete the addition of Rs. 135.13 lakhs (later rectified to Rs. 110.87 lakhs) for computing book profits u/s 115J, as the change in accounting method for foreign exchange fluctuations was to be applied retrospectively. The Tribunal found that the financial statements reflected a true and fair view, and no specific provision required adding back such liability. However, the judgment did not address the issue of disallowance under Rule 68 of the Income-tax Rules. Case-Laws Income Tax Mon, 26 Apr 1999 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=64009