https://www.taxtmi.com/caselaws?id=33272 The High Court dismissed the tax case appeal, affirming the Tribunal's decision to calculate the deduction under Section 80HHC based on adjusted book profits under Section 115JA. The Court held that the assessing officer should rely on certified accounts maintained in accordance with the Companies Act and cannot question the net profits shown in the profit and loss account beyond specified limits. The Court emphasized that Section 80HHC requires considering profits only, not income, and Section 115JA addresses adjustments for losses, depreciation, and carry forward income. en-us Fri, 17 Apr 2009 00:00:00 +0530 Thu, 30 Apr 2009 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=33272 The High Court dismissed the tax case appeal, affirming the Tribunal's decision to calculate the deduction under Section 80HHC based on adjusted book profits under Section 115JA. The Court held that the assessing officer should rely on certified accounts maintained in accordance with the Companies Act and cannot question the net profits shown in the profit and loss account beyond specified limits. The Court emphasized that Section 80HHC requires considering profits only, not income, and Section 115JA addresses adjustments for losses, depreciation, and carry forward income. Case-Laws Income Tax Fri, 17 Apr 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=33272