https://www.taxtmi.com/caselaws?id=31855 HC dismissed the appeal and upheld the ITAT, holding that prior-period and extraordinary items shown separately under AS-5 are components of net profit for computation under s.115JA. The AO erred in treating those entries as claimed reductions under the Explanation to s.115JA(2); the assessee merely disclosed such items separately per Parts II/III of Schedule VI and Section 211, to indicate their effect on current profit. Those items remain subsumed in the net profit figure and cannot be excluded from the s.115JA computation. en-us Tue, 23 Sep 2008 00:00:00 +0530 Wed, 05 Nov 2025 17:05:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=31855 HC dismissed the appeal and upheld the ITAT, holding that prior-period and extraordinary items shown separately under AS-5 are components of net profit for computation under s.115JA. The AO erred in treating those entries as claimed reductions under the Explanation to s.115JA(2); the assessee merely disclosed such items separately per Parts II/III of Schedule VI and Section 211, to indicate their effect on current profit. Those items remain subsumed in the net profit figure and cannot be excluded from the s.115JA computation. Case-Laws Income Tax Tue, 23 Sep 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=31855