TaxTMI 
TaxTMI 
2009 (4) TMI 419
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....es of the case, the Tribunal was right in allowing deduction under section 80HHC on the basis of book profits under section 115JA and not on the basis of eligible pro-fits under section 80HHC as per normal computation ?" 2. The facts as culled out from the statement of facts in the memorandum of grounds are as follows : 3. The assessee company is engaged in the business of computer training, overseas consultancy and software development. The assessee filed its return of income under regular computation of income and income of Rs.1,56,50,386 under section 115JA on November 29, 2000. Subsequently, the Assessing Officer noticed that though there is no profit available to the assessee, after setting off, brought forward loss of the earlier ye....
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....es Ltd. v. CIT reported in [2002] 255 ITR 273 (SC), this court has held as follows (page 24) : "4. We are not able to subscribe our view to the grounds taken in the appeal that the deduction under section 80HHC is allowable only on the profit and gains arrived at under sections 28 to 44B of the Income-tax Act. In the case on hand, it is the stand of the assessee that the relief under section 80HHC should be based on the profit ascertained under section 115JA only but not on income computed under sections 28 to 44 of the Act. The Tribunal, after considering the judgments of the Supreme Court in the case of Surana Steels P. Ltd. v. Deputy CIT [1999] 237 ITR 777 and in the case of Apollo Tyres Ltd. v. CIT [2002] 255 ITR 273 (SC) and ana....
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....vided by that Act and the same to be scrutinised and certified by statutory auditors and approved by the company in the general meeting and thereafter to be filed before the Registrar of Companies, who has a statutory obligation also to examine and be satisfied that the accounts of the company are maintained in accordance with the requirements of the Companies Act. Sub-section (1A) of section 115J does not empower the Assessing Officer to embark upon a fresh enquiry in regard to the entries made in the books of account of the company. 5. The Assessing Officer is not entitled to touch the profit and loss account prepared by the assessee as per the provisions contained in the Companies Act, while arriving at the book profit under section 115....