https://www.taxtmi.com/caselaws?id=117637 The Tribunal concluded that the Assessing Officer (AO) lacked jurisdiction to adjust the book profits by including capital gains, as such adjustments were not authorized under the Explanation to Section 115JA of the Income-tax Act. The statutory auditors' certification and acceptance of the accounts under the Companies Act were deemed sufficient. Consequently, the appeal filed by the Revenue was dismissed, affirming that the capital gains should not be included in the book profits for Section 115JA purposes. This decision aligns with the principle that the AO cannot alter the net profit shown in the profit & loss account certified by statutory auditors. en-us Mon, 14 Feb 2005 00:00:00 +0530 Tue, 14 May 2024 15:10:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=117637 The Tribunal concluded that the Assessing Officer (AO) lacked jurisdiction to adjust the book profits by including capital gains, as such adjustments were not authorized under the Explanation to Section 115JA of the Income-tax Act. The statutory auditors' certification and acceptance of the accounts under the Companies Act were deemed sufficient. Consequently, the appeal filed by the Revenue was dismissed, affirming that the capital gains should not be included in the book profits for Section 115JA purposes. This decision aligns with the principle that the AO cannot alter the net profit shown in the profit & loss account certified by statutory auditors. Case-Laws Income Tax Mon, 14 Feb 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=117637