https://www.taxtmi.com/caselaws?id=66679 The Tribunal held that the Assessing Officer lacks jurisdiction to recalculate book profits for certain years and that waived interest should not be included in book profit for a specific assessment year. The Tribunal did not address the applicability of Accounting Standards due to restrictions on the AO's powers. The levy of interest under specified sections was upheld, while issues regarding disallowances and additions were remanded to the AO for further examination. The appeal was partially allowed, directing further verification and consideration by the AO. en-us Fri, 30 Aug 2002 00:00:00 +0530 Sat, 05 Mar 2011 15:48:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=66679 The Tribunal held that the Assessing Officer lacks jurisdiction to recalculate book profits for certain years and that waived interest should not be included in book profit for a specific assessment year. The Tribunal did not address the applicability of Accounting Standards due to restrictions on the AO's powers. The levy of interest under specified sections was upheld, while issues regarding disallowances and additions were remanded to the AO for further examination. The appeal was partially allowed, directing further verification and consideration by the AO. Case-Laws Income Tax Fri, 30 Aug 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=66679