1995 (2) TMI 145

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....n business in electronic goods. The present appeal has been filed by the appellant against the order passed by the Commissioner (Appeals), by which the appeal filed by the assessee was rejected holding that the order under section 154 passed by the Assessing Officer was correct. 2. The assessee filed its return for the assessment year 1988-89 admitting total income as nil and income under secti....

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....s been arrived at as the book profit as per the Companies Act. As per the Explanation to section 115J(1A) the amount of income-tax paid or payable or the amounts set aside for meeting the liabilities other than the ascertained liabilities, etc. will have to be added. Accordingly Rs. 15,000 was added to the book profit arrived at as above. The Assessing Officer held that the contention of the asses....

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....t because in between every item from (a) to (ha) the word 'or' is there. Accordingly it has to be taken as disjunctive. The learned departmental representative placed reliance upon the orders of the authorities below and submitted that on a plain reading of the Explanation it is clear that all the disallowances disallowed in items (a) to (ha) have to be disallowed and the word 'or' cannot be treat....