https://www.taxtmi.com/caselaws?id=254999 The court upheld the Tribunal's decision in a case involving the interpretation of accounting standards for determining book profit under Section 115JA(6) of the Income Tax Act. The court emphasized the limited power of the Assessing Officer to interfere with accounts maintained under the Companies Act, following the Supreme Court's ruling in Apollo Tyres Ltd. v. CIT. The dispute over the recognition of benefit from the waiver of interest and its treatment as income or capital receipt was resolved in favor of respecting accounting principles in tax assessments, dismissing the appeal. en-us Tue, 09 Dec 2014 00:00:00 +0530 Tue, 06 Jan 2015 10:13:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=254999 The court upheld the Tribunal's decision in a case involving the interpretation of accounting standards for determining book profit under Section 115JA(6) of the Income Tax Act. The court emphasized the limited power of the Assessing Officer to interfere with accounts maintained under the Companies Act, following the Supreme Court's ruling in Apollo Tyres Ltd. v. CIT. The dispute over the recognition of benefit from the waiver of interest and its treatment as income or capital receipt was resolved in favor of respecting accounting principles in tax assessments, dismissing the appeal. Case-Laws Income Tax Tue, 09 Dec 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=254999