https://www.taxtmi.com/caselaws?id=441905 The High Court affirmed the decision of the Income Tax Appellate Tribunal (ITAT) in a case involving the treatment of loss arising from a company's demerger of its resort division. The Court held that the Assessing Officer's power to adjust book profit under section 115JB is limited to specified adjustments, as per the Companies Act and statutory requirements. The demerger scheme, approved by the Company Court and accepted by auditors, was found to comply with legal provisions. The Court dismissed the appeal, emphasizing the need for adherence to statutory requirements in financial reporting and confirming the ITAT's decision. en-us Wed, 05 Jul 2023 00:00:00 +0530 Tue, 11 Aug 2026 17:43:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=441905 The High Court affirmed the decision of the Income Tax Appellate Tribunal (ITAT) in a case involving the treatment of loss arising from a company's demerger of its resort division. The Court held that the Assessing Officer's power to adjust book profit under section 115JB is limited to specified adjustments, as per the Companies Act and statutory requirements. The demerger scheme, approved by the Company Court and accepted by auditors, was found to comply with legal provisions. The Court dismissed the appeal, emphasizing the need for adherence to statutory requirements in financial reporting and confirming the ITAT's decision. Case-Laws Income Tax Wed, 05 Jul 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=441905