https://www.taxtmi.com/caselaws?id=330847 Book profit under section 115JB cannot be recomputed by going beyond the profit and loss account except for adjustments expressly permitted by the Explanation. Where the assessee's accounts were not qualified by the auditors, the Assessing Officer could not treat excise duty subsidy credited in the accounts as a reserve carried to profit and loss account unless the entry satisfied clause (b) of Explanation 1. On the facts, the subsidy was not shown as such a reserve, so the proposed addition to book profit was unsustainable. The Calcutta HC therefore answered the issue against the Revenue. en-us Fri, 22 Jul 2016 00:00:00 +0530 Thu, 17 Nov 2016 12:36:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=330847 Book profit under section 115JB cannot be recomputed by going beyond the profit and loss account except for adjustments expressly permitted by the Explanation. Where the assessee's accounts were not qualified by the auditors, the Assessing Officer could not treat excise duty subsidy credited in the accounts as a reserve carried to profit and loss account unless the entry satisfied clause (b) of Explanation 1. On the facts, the subsidy was not shown as such a reserve, so the proposed addition to book profit was unsustainable. The Calcutta HC therefore answered the issue against the Revenue. Case-Laws Income Tax Fri, 22 Jul 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=330847