https://www.taxtmi.com/caselaws?id=9622 The High Court upheld the Tribunal's decision in the case, ruling that the Assessing Officer could not make adjustments to the net profit disclosed by the assessee under section 115J of the Income-tax Act. Additionally, the court held that the guidance note of the Institute of Chartered Accountants could not override the provisions of the Income-tax Act for computing deductions under section 80HHC. The court emphasized that adjustments to book profits must be based on the admitted net profit and that discounts and commissions should be considered when computing eligible profits for deductions under section 80HHC. en-us Fri, 09 Sep 2005 00:00:00 +0530 Sun, 28 Jun 2009 09:55:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=9622 The High Court upheld the Tribunal's decision in the case, ruling that the Assessing Officer could not make adjustments to the net profit disclosed by the assessee under section 115J of the Income-tax Act. Additionally, the court held that the guidance note of the Institute of Chartered Accountants could not override the provisions of the Income-tax Act for computing deductions under section 80HHC. The court emphasized that adjustments to book profits must be based on the admitted net profit and that discounts and commissions should be considered when computing eligible profits for deductions under section 80HHC. Case-Laws Income Tax Fri, 09 Sep 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=9622