https://www.taxtmi.com/caselaws?id=151690 The Tribunal dismissed the assessee's appeal, ruling that the amount transferred to the capital reserve account must be included in the book profit for assessment under section 115JB. The Tribunal found that the assessee's accounting methods, although compliant with the Companies Act, 1956, did not exempt the surplus from being part of the book profit. Citing the Bombay HC decision in CIT v. Veekaylal Investment Co. P. Ltd., the Tribunal emphasized the necessity of including profits from exceptional transactions in book profit calculations, aligning with judicial precedents. en-us Thu, 07 Feb 2008 00:00:00 +0530 Sat, 20 Jan 2024 11:54:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=151690 The Tribunal dismissed the assessee's appeal, ruling that the amount transferred to the capital reserve account must be included in the book profit for assessment under section 115JB. The Tribunal found that the assessee's accounting methods, although compliant with the Companies Act, 1956, did not exempt the surplus from being part of the book profit. Citing the Bombay HC decision in CIT v. Veekaylal Investment Co. P. Ltd., the Tribunal emphasized the necessity of including profits from exceptional transactions in book profit calculations, aligning with judicial precedents. Case-Laws Income Tax Thu, 07 Feb 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=151690