https://www.taxtmi.com/caselaws?id=328051 The appeal was partly allowed for statistical purposes. Grounds number 3 and 4 were sent back for fresh adjudication, and the loss on demerger was permitted to be included in the computation of book profit under Section 115JB of the Income Tax Act. The Tribunal ruled in favor of the assessee, stating that the loss on demerger was correctly debited to the profit and loss account and should be the starting point for computing book profit. The Assessing Officer's dispute over the accounting treatment was deemed incorrect. en-us Fri, 22 Apr 2016 00:00:00 +0530 Tue, 24 May 2016 10:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=328051 The appeal was partly allowed for statistical purposes. Grounds number 3 and 4 were sent back for fresh adjudication, and the loss on demerger was permitted to be included in the computation of book profit under Section 115JB of the Income Tax Act. The Tribunal ruled in favor of the assessee, stating that the loss on demerger was correctly debited to the profit and loss account and should be the starting point for computing book profit. The Assessing Officer's dispute over the accounting treatment was deemed incorrect. Case-Laws Income Tax Fri, 22 Apr 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=328051