https://www.taxtmi.com/caselaws?id=119320 The Tribunal held that the Assessing Officer had no jurisdiction to rectify the order under section 154 as the issue of deferred tax liability was debatable and not an apparent mistake. Regarding the adjustment of Rs. 1,14,24,000 for deferred taxation in book profit computation under section 115JB, the Tribunal ruled that deferred tax liability should not be added back to the book profit as it is an ascertained liability and not income-tax "paid" or "payable." The Tribunal emphasized that adding deferred tax liability would result in double taxation and directed the deletion of the addition, ruling in favor of the assessee. en-us Tue, 31 Jul 2007 00:00:00 +0530 Tue, 10 Jul 2012 13:11:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=119320 The Tribunal held that the Assessing Officer had no jurisdiction to rectify the order under section 154 as the issue of deferred tax liability was debatable and not an apparent mistake. Regarding the adjustment of Rs. 1,14,24,000 for deferred taxation in book profit computation under section 115JB, the Tribunal ruled that deferred tax liability should not be added back to the book profit as it is an ascertained liability and not income-tax "paid" or "payable." The Tribunal emphasized that adding deferred tax liability would result in double taxation and directed the deletion of the addition, ruling in favor of the assessee. Case-Laws Income Tax Tue, 31 Jul 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=119320