https://www.taxtmi.com/caselaws?id=266188 Whether a waiver of principal credited to general reserve can be added back under the book profit computation for Section 115JB turned on statutory reliance on the profit and loss account prepared under Part II and Part III of Schedule VI and the limited list of adjustments in Explanation 1. The tribunal held that audited accounts adopted by the company carry evidentiary weight and an Assessing Officer must either identify non compliance with Schedule VI or a specified Explanation 1 adjustment before altering book profit. Because the waiver was credited to general reserve in Schedule VI accounts with no finding of non compliance or applicable adjustment, the addition was invalid and the revenue appeal failed. en-us Fri, 14 Aug 2015 00:00:00 +0530 Sun, 18 Oct 2015 17:44:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=266188 Whether a waiver of principal credited to general reserve can be added back under the book profit computation for Section 115JB turned on statutory reliance on the profit and loss account prepared under Part II and Part III of Schedule VI and the limited list of adjustments in Explanation 1. The tribunal held that audited accounts adopted by the company carry evidentiary weight and an Assessing Officer must either identify non compliance with Schedule VI or a specified Explanation 1 adjustment before altering book profit. Because the waiver was credited to general reserve in Schedule VI accounts with no finding of non compliance or applicable adjustment, the addition was invalid and the revenue appeal failed. Case-Laws Income Tax Fri, 14 Aug 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=266188