https://www.taxtmi.com/caselaws?id=179347 The High Court held that profit on the sale of land carried to capital reserve cannot be added to book profit under section 115J of the Income Tax Act. Additionally, non-recurring profits not included in book profits cannot be added by the assessing officer to re-calculate the book profit under the same section. The Court emphasized that the assessing officer's power is limited to adjustments as per the explanation to section 115J and cannot go beyond examining the maintenance of books of account. The Court dismissed the revenue's appeal and affirmed the Tribunal's decision. en-us Tue, 18 Dec 2007 00:00:00 +0530 Fri, 26 Feb 2016 17:45:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=179347 The High Court held that profit on the sale of land carried to capital reserve cannot be added to book profit under section 115J of the Income Tax Act. Additionally, non-recurring profits not included in book profits cannot be added by the assessing officer to re-calculate the book profit under the same section. The Court emphasized that the assessing officer's power is limited to adjustments as per the explanation to section 115J and cannot go beyond examining the maintenance of books of account. The Court dismissed the revenue's appeal and affirmed the Tribunal's decision. Case-Laws Income Tax Tue, 18 Dec 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=179347