https://www.taxtmi.com/caselaws?id=57060 The Tribunal held that the revaluation reserve should be included in the computation of book profit under section 115J, rejecting the assessee's argument that it should be excluded. The Tribunal emphasized that the reserve did not increase book profits at its creation, making its exclusion impermissible. The Tribunal also clarified that the Assessing Officer's adjustments were in line with the Supreme Court's ruling in Apollo Tyres Ltd. The Tribunal distinguished the case from SRF Ltd., where withdrawals from revaluation reserves created pre-1988 were allowed, as the reserve in question was created in 1990-91. The Tribunal highlighted that legal provisions supersede accounting guidelines, restoring the Assessing Officer's computation and allowing the Revenue's appeal. en-us Tue, 30 Dec 2003 00:00:00 +0530 Wed, 08 Dec 2010 11:56:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=57060 The Tribunal held that the revaluation reserve should be included in the computation of book profit under section 115J, rejecting the assessee's argument that it should be excluded. The Tribunal emphasized that the reserve did not increase book profits at its creation, making its exclusion impermissible. The Tribunal also clarified that the Assessing Officer's adjustments were in line with the Supreme Court's ruling in Apollo Tyres Ltd. The Tribunal distinguished the case from SRF Ltd., where withdrawals from revaluation reserves created pre-1988 were allowed, as the reserve in question was created in 1990-91. The Tribunal highlighted that legal provisions supersede accounting guidelines, restoring the Assessing Officer's computation and allowing the Revenue's appeal. Case-Laws Income Tax Tue, 30 Dec 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=57060