https://www.taxtmi.com/caselaws?id=329029 The court held that the Assessing Officer (AO) cannot disregard the audited profit and loss account for Minimum Alternate Tax (MAT) computation under section 115JB of the Income-tax Act. The corrected return filed beyond the time limit should have been considered, and the AO's jurisdiction in determining book profit is limited to corrections specified in the law. The acceptance of figures in audited accounts prepared as per Schedule VI to the Companies Act is crucial, and the AO's actions were deemed unjustified. The court dismissed the Revenue's appeal, upholding the Tribunal's decision to quash the AO's assessment. en-us Fri, 18 Mar 2016 00:00:00 +0530 Tue, 21 Jun 2016 11:32:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=329029 The court held that the Assessing Officer (AO) cannot disregard the audited profit and loss account for Minimum Alternate Tax (MAT) computation under section 115JB of the Income-tax Act. The corrected return filed beyond the time limit should have been considered, and the AO's jurisdiction in determining book profit is limited to corrections specified in the law. The acceptance of figures in audited accounts prepared as per Schedule VI to the Companies Act is crucial, and the AO's actions were deemed unjustified. The court dismissed the Revenue's appeal, upholding the Tribunal's decision to quash the AO's assessment. Case-Laws Income Tax Fri, 18 Mar 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=329029