https://www.taxtmi.com/caselaws?id=194169 The High Court of Karnataka upheld the Tribunal's decision in favor of the Revenue, ruling against the assessee. The Court emphasized the importance of maintaining accounts in accordance with the Companies Act for computing book profits under section 115JB of the Income-tax Act. It reiterated the limited power of the Assessing Officer to make adjustments to the profit and loss account and clarified that deductions not within the Explanation to section 115JB are not considered for computing book profits. en-us Wed, 09 Nov 2016 00:00:00 +0530 Thu, 31 Aug 2017 07:09:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=194169 The High Court of Karnataka upheld the Tribunal's decision in favor of the Revenue, ruling against the assessee. The Court emphasized the importance of maintaining accounts in accordance with the Companies Act for computing book profits under section 115JB of the Income-tax Act. It reiterated the limited power of the Assessing Officer to make adjustments to the profit and loss account and clarified that deductions not within the Explanation to section 115JB are not considered for computing book profits. Case-Laws Income Tax Wed, 09 Nov 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=194169