https://www.taxtmi.com/caselaws?id=121735 The Tribunal dismissed all seven appeals filed by the Revenue, upholding the CIT(A)'s order that the Assessing Officer (AO) cannot disturb the profit and loss account certified by auditors and approved by shareholders. The Tribunal relied on the SC's decision in Apollo Tyres Ltd., which limits the AO's authority to make adjustments to book profits only as outlined in the Explanation to section 115JB of the Income-tax Act. Consequently, the gains from the redemption of mutual fund units, treated as investments, were not to be included in the profit and loss account for computing book profits under section 115JB. en-us Tue, 02 Dec 2008 00:00:00 +0530 Wed, 06 Dec 2023 18:43:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=121735 The Tribunal dismissed all seven appeals filed by the Revenue, upholding the CIT(A)'s order that the Assessing Officer (AO) cannot disturb the profit and loss account certified by auditors and approved by shareholders. The Tribunal relied on the SC's decision in Apollo Tyres Ltd., which limits the AO's authority to make adjustments to book profits only as outlined in the Explanation to section 115JB of the Income-tax Act. Consequently, the gains from the redemption of mutual fund units, treated as investments, were not to be included in the profit and loss account for computing book profits under section 115JB. Case-Laws Income Tax Tue, 02 Dec 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=121735