https://www.taxtmi.com/caselaws?id=398129 The High Court of Karnataka, in a judgment by Mr. Justice Alok Aradhe and Mr. Justice H.T. Narendra Prasad, dismissed an appeal concerning the interpretation of Section 115J of the Income Tax Act, 1961. The Court ruled that capital profits on the sale of land should not be included in book profits. Additionally, the Court held that the Assessing Officer lacks jurisdiction to tax income not included in audited statements. The appeal was dismissed in favor of the assessee based on precedent, affirming decisions against the revenue on both issues. en-us Tue, 18 Aug 2020 00:00:00 +0530 Mon, 07 Sep 2020 11:35:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=398129 The High Court of Karnataka, in a judgment by Mr. Justice Alok Aradhe and Mr. Justice H.T. Narendra Prasad, dismissed an appeal concerning the interpretation of Section 115J of the Income Tax Act, 1961. The Court ruled that capital profits on the sale of land should not be included in book profits. Additionally, the Court held that the Assessing Officer lacks jurisdiction to tax income not included in audited statements. The appeal was dismissed in favor of the assessee based on precedent, affirming decisions against the revenue on both issues. Case-Laws Income Tax Tue, 18 Aug 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=398129