https://www.taxtmi.com/caselaws?id=210346 The appeal before the ITAT, Visakhapatnam, centered on the computation of book profit under section 115JA of the Act for the assessment year 2000-01. The dispute primarily focused on the deduction under clause (iii) of the Explanation to sec. 115JA. The ITAT clarified the distinction between accounting principles and income tax provisions, emphasizing compliance with the Income Tax Act. It directed the Assessing Officer to determine the deduction methodology. The ITAT refrained from intervening in the charging of interest under section 220(2), as instructed by the CIT(A). Ultimately, the appeal was treated as allowed for statistical purposes, favoring the assessee. en-us Mon, 09 May 2011 00:00:00 +0530 Wed, 08 Feb 2012 18:11:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=210346 The appeal before the ITAT, Visakhapatnam, centered on the computation of book profit under section 115JA of the Act for the assessment year 2000-01. The dispute primarily focused on the deduction under clause (iii) of the Explanation to sec. 115JA. The ITAT clarified the distinction between accounting principles and income tax provisions, emphasizing compliance with the Income Tax Act. It directed the Assessing Officer to determine the deduction methodology. The ITAT refrained from intervening in the charging of interest under section 220(2), as instructed by the CIT(A). Ultimately, the appeal was treated as allowed for statistical purposes, favoring the assessee. Case-Laws Income Tax Mon, 09 May 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=210346