https://www.taxtmi.com/caselaws?id=270115 The court held that the Assessing Officer exceeded his jurisdiction by reevaluating the book profit certified by auditors and approved by the Registrar of Companies. It was determined that the capital gain should not be included in the profit and loss account for computing book profit under Section 115JB of the Income Tax Act. The court ruled in favor of the appellant, emphasizing that the Assessing Officer's role is limited to examining certified accounts and specified adjustments, not questioning entries approved by authorities. The appeal was allowed in favor of the assessee. en-us Wed, 16 Dec 2015 00:00:00 +0530 Mon, 22 Feb 2016 17:36:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=270115 The court held that the Assessing Officer exceeded his jurisdiction by reevaluating the book profit certified by auditors and approved by the Registrar of Companies. It was determined that the capital gain should not be included in the profit and loss account for computing book profit under Section 115JB of the Income Tax Act. The court ruled in favor of the appellant, emphasizing that the Assessing Officer's role is limited to examining certified accounts and specified adjustments, not questioning entries approved by authorities. The appeal was allowed in favor of the assessee. Case-Laws Income Tax Wed, 16 Dec 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=270115