https://www.taxtmi.com/caselaws?id=209069 The Tribunal held that the revaluation reserve directly taken to the balance sheet should not be added to the book profit. The decision upheld the CIT(A)'s ruling and dismissed the revenue's appeal, emphasizing that the revaluation of property was in accordance with Accounting Standard 10 and not a colorable device. The Tribunal reiterated that adjustments to book profit must align with specified provisions and that the net profit disclosed in the profit and loss account prepared under the Companies Act cannot be altered by the Assessing Officer. en-us Fri, 11 Mar 2011 00:00:00 +0530 Thu, 01 Aug 2013 12:39:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=209069 The Tribunal held that the revaluation reserve directly taken to the balance sheet should not be added to the book profit. The decision upheld the CIT(A)'s ruling and dismissed the revenue's appeal, emphasizing that the revaluation of property was in accordance with Accounting Standard 10 and not a colorable device. The Tribunal reiterated that adjustments to book profit must align with specified provisions and that the net profit disclosed in the profit and loss account prepared under the Companies Act cannot be altered by the Assessing Officer. Case-Laws Income Tax Fri, 11 Mar 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=209069