https://www.taxtmi.com/caselaws?id=18130 The High Court ruled in favor of the assessee, holding that the computation of book profits for a company should exclude the profits of the year ending with the valuation date. The Court determined that the valuation date is the last day of the previous year as defined in the Income-tax Act, and a year immediately preceding the valuation date should be considered a completed year. Therefore, the profits of the year pertaining to the valuation date should not be included in the calculation of the five-year period for book profits, as per the Circular issued by the Central Board of Direct Taxes. en-us Thu, 29 Aug 1996 00:00:00 +0530 Tue, 29 Sep 2009 10:19:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=18130 The High Court ruled in favor of the assessee, holding that the computation of book profits for a company should exclude the profits of the year ending with the valuation date. The Court determined that the valuation date is the last day of the previous year as defined in the Income-tax Act, and a year immediately preceding the valuation date should be considered a completed year. Therefore, the profits of the year pertaining to the valuation date should not be included in the calculation of the five-year period for book profits, as per the Circular issued by the Central Board of Direct Taxes. Case-Laws Wealth-tax Thu, 29 Aug 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=18130