https://www.taxtmi.com/caselaws?id=60943 The tribunal allowed the appeal, directing the Assessing Officer to modify the intimation under section 143(1)(a) by excluding three items from the computation of "chargeable profits" under section 115J. The tribunal found merit in the assessee's argument that the items were not debited to the profit and loss account but directly reflected in the balance sheet, supported by audited accounts and CBDT Circular No. 549. The decision highlighted the importance of correctly computing taxable income and providing relief to entitled parties, in line with the provisions of section 115J. en-us Mon, 26 Oct 1998 00:00:00 +0530 Sat, 08 Jan 2011 17:13:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=60943 The tribunal allowed the appeal, directing the Assessing Officer to modify the intimation under section 143(1)(a) by excluding three items from the computation of "chargeable profits" under section 115J. The tribunal found merit in the assessee's argument that the items were not debited to the profit and loss account but directly reflected in the balance sheet, supported by audited accounts and CBDT Circular No. 549. The decision highlighted the importance of correctly computing taxable income and providing relief to entitled parties, in line with the provisions of section 115J. Case-Laws Income Tax Mon, 26 Oct 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=60943