https://www.taxtmi.com/caselaws?id=432298 The High Court allowed the appeal, ruling in favor of the appellant on both issues. It held that prior period adjustments should not be excluded from the calculation of book profit under Section 115J of the Income Tax Act. The Court emphasized the limited jurisdiction of assessing officers to make adjustments to the net profit shown in the profit and loss account, in line with the Supreme Court decision in Apollo Tyres Ltd. The judgment provided a detailed analysis of relevant provisions, clarifying principles governing the computation of book profit for taxation purposes. en-us Wed, 21 Dec 2022 00:00:00 +0530 Sat, 31 Dec 2022 10:25:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=432298 The High Court allowed the appeal, ruling in favor of the appellant on both issues. It held that prior period adjustments should not be excluded from the calculation of book profit under Section 115J of the Income Tax Act. The Court emphasized the limited jurisdiction of assessing officers to make adjustments to the net profit shown in the profit and loss account, in line with the Supreme Court decision in Apollo Tyres Ltd. The judgment provided a detailed analysis of relevant provisions, clarifying principles governing the computation of book profit for taxation purposes. Case-Laws Income Tax Wed, 21 Dec 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=432298