https://www.taxtmi.com/caselaws?id=262855 The High Court of Bombay dismissed the appeal challenging the Assessing Officer's power to recast profit and loss accounts under Section 115JB of the Income Tax Act. The Court upheld that the Officer's authority is limited to verifying compliance with the Companies Act and making adjustments as per the section's Explanation. The Court rejected the revenue's argument that the decision in Apollo Tyres Ltd. was not applicable to Section 115JB, emphasizing the importance of adhering to settled legal positions to avoid unnecessary delays in proceedings. The appeal was dismissed without costs. en-us Wed, 12 Aug 2015 00:00:00 +0530 Fri, 21 Aug 2015 07:55:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=262855 The High Court of Bombay dismissed the appeal challenging the Assessing Officer's power to recast profit and loss accounts under Section 115JB of the Income Tax Act. The Court upheld that the Officer's authority is limited to verifying compliance with the Companies Act and making adjustments as per the section's Explanation. The Court rejected the revenue's argument that the decision in Apollo Tyres Ltd. was not applicable to Section 115JB, emphasizing the importance of adhering to settled legal positions to avoid unnecessary delays in proceedings. The appeal was dismissed without costs. Case-Laws Income Tax Wed, 12 Aug 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=262855