https://www.taxtmi.com/caselaws?id=434047 The Appellate Tribunal affirmed the CIT(A)'s decision, ruling that the reduction of Net Profits by the Debenture Redemption Reserve was impermissible under Section 115JB of the Income Tax Act, 1961. The Tribunal agreed with the lower authorities that the Reserve's creation constituted an appropriation of profits, not a charge on profits. The appeal was dismissed based on this analysis, in line with legal provisions and precedents, including the Supreme Court's judgment emphasizing the limited power of Assessing Officers in making adjustments to Net Profits. en-us Tue, 17 Jan 2023 00:00:00 +0530 Wed, 15 Feb 2023 14:20:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=434047 The Appellate Tribunal affirmed the CIT(A)'s decision, ruling that the reduction of Net Profits by the Debenture Redemption Reserve was impermissible under Section 115JB of the Income Tax Act, 1961. The Tribunal agreed with the lower authorities that the Reserve's creation constituted an appropriation of profits, not a charge on profits. The appeal was dismissed based on this analysis, in line with legal provisions and precedents, including the Supreme Court's judgment emphasizing the limited power of Assessing Officers in making adjustments to Net Profits. Case-Laws Income Tax Tue, 17 Jan 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=434047