https://www.taxtmi.com/caselaws?id=374488 The Tribunal upheld the Principal Commissioner of Income Tax's order under Section 263, finding the Assessing Officer's assessment erroneous and prejudicial to Revenue interests due to incorrect application of law in computing book profit under Section 115JB. It emphasized the importance of adhering to accounting standards and Companies Act provisions in financial statement preparation for tax purposes. The Tribunal ruled that the AO must adjust book profit if accounting standards are not followed, barring the assessee from unilaterally altering book profit. The assessee's appeal was dismissed. en-us Thu, 31 Jan 2019 00:00:00 +0530 Tue, 04 Aug 2026 15:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=374488 The Tribunal upheld the Principal Commissioner of Income Tax's order under Section 263, finding the Assessing Officer's assessment erroneous and prejudicial to Revenue interests due to incorrect application of law in computing book profit under Section 115JB. It emphasized the importance of adhering to accounting standards and Companies Act provisions in financial statement preparation for tax purposes. The Tribunal ruled that the AO must adjust book profit if accounting standards are not followed, barring the assessee from unilaterally altering book profit. The assessee's appeal was dismissed. Case-Laws Income Tax Thu, 31 Jan 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=374488