https://www.taxtmi.com/caselaws?id=203288 The Tribunal upheld the decision that the book profit should be calculated in accordance with the provisions of the Companies Act, rather than the profit shown in the accounts presented at the Annual General Meeting. The subsequent amendment reinforced this requirement. The Tribunal also ruled that the penalty imposed under section 271(1)(c) was unjustified as the book profit was correctly computed, leading to the dismissal of the revenue's appeals and affirming decisions in favor of the assessee. en-us Fri, 13 Aug 2010 00:00:00 +0530 Tue, 28 Aug 2012 13:19:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=203288 The Tribunal upheld the decision that the book profit should be calculated in accordance with the provisions of the Companies Act, rather than the profit shown in the accounts presented at the Annual General Meeting. The subsequent amendment reinforced this requirement. The Tribunal also ruled that the penalty imposed under section 271(1)(c) was unjustified as the book profit was correctly computed, leading to the dismissal of the revenue's appeals and affirming decisions in favor of the assessee. Case-Laws Income Tax Fri, 13 Aug 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=203288