https://www.taxtmi.com/caselaws?id=9443 The High Court overturned the Tribunal's decision, ruling in favor of the assessee. The Court held that the Assessing Officer cannot question the profit and loss account certified by auditors and approved by the AGM. It emphasized that section 115J mandates acceptance of the audited book profit, with limited adjustments. The Court found the Commissioner of Income-tax exceeded jurisdiction by recomputing book profit, and the Tribunal erred in upholding this. The Court concluded that the assessment order was not erroneous or prejudicial to Revenue, deeming the Commissioner's jurisdiction under section 263 unsustainable. en-us Fri, 22 Jul 2005 00:00:00 +0530 Tue, 23 Jun 2009 09:39:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=9443 The High Court overturned the Tribunal's decision, ruling in favor of the assessee. The Court held that the Assessing Officer cannot question the profit and loss account certified by auditors and approved by the AGM. It emphasized that section 115J mandates acceptance of the audited book profit, with limited adjustments. The Court found the Commissioner of Income-tax exceeded jurisdiction by recomputing book profit, and the Tribunal erred in upholding this. The Court concluded that the assessment order was not erroneous or prejudicial to Revenue, deeming the Commissioner's jurisdiction under section 263 unsustainable. Case-Laws Income Tax Fri, 22 Jul 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=9443