https://www.taxtmi.com/caselaws?id=188328 The Tribunal allowed the assessee's appeal, setting aside the CIT(A)'s orders on adjustments under sections 115JB and 14A of the Income Tax Act. Regarding the adjustment under section 115JB, the Tribunal held that the AO's power is limited to verifying if accounts are certified under the Companies Act and making adjustments as per the law. The Tribunal relied on Supreme Court precedents and Bombay High Court decisions to support its decision, ultimately deleting the additions made by the AO. The matter of disallowance of expenses under section 14A was also remanded for re-examination in line with applicable law. en-us Wed, 23 Jan 2013 00:00:00 +0530 Fri, 25 Nov 2016 17:20:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=188328 The Tribunal allowed the assessee's appeal, setting aside the CIT(A)'s orders on adjustments under sections 115JB and 14A of the Income Tax Act. Regarding the adjustment under section 115JB, the Tribunal held that the AO's power is limited to verifying if accounts are certified under the Companies Act and making adjustments as per the law. The Tribunal relied on Supreme Court precedents and Bombay High Court decisions to support its decision, ultimately deleting the additions made by the AO. The matter of disallowance of expenses under section 14A was also remanded for re-examination in line with applicable law. Case-Laws Income Tax Wed, 23 Jan 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=188328