https://www.taxtmi.com/caselaws?id=286393 The High Court allowed the revenue's appeal against the Tribunal's decision favoring the assessee in a case concerning the computation of deemed income under Section 115JA of the Income Tax Act. The Court held that the lease rent expenses from earlier years claimed by the assessee were not deductible under the Companies Act, and the Assessing Officer had the authority to adjust the profit and loss account accordingly. The Court emphasized the inadmissibility of deductions not covered by Section 115JA, ultimately ruling in favor of the revenue and against the assessee. en-us Fri, 02 Nov 2012 00:00:00 +0530 Mon, 24 Feb 2020 16:34:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=286393 The High Court allowed the revenue's appeal against the Tribunal's decision favoring the assessee in a case concerning the computation of deemed income under Section 115JA of the Income Tax Act. The Court held that the lease rent expenses from earlier years claimed by the assessee were not deductible under the Companies Act, and the Assessing Officer had the authority to adjust the profit and loss account accordingly. The Court emphasized the inadmissibility of deductions not covered by Section 115JA, ultimately ruling in favor of the revenue and against the assessee. Case-Laws Income Tax Fri, 02 Nov 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=286393