2004 (5) TMI 524

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....Jugal Kishore, A.M. - This appeal by the assessee is directed against the order dated 28-10-2003 passed by the ld. CIT(A) for assessment year 1997-98. 2. Ground No. 1 is not pressed by ld. AR before us, hence rejected. 3. Vide ground Nos. 2 to 5, the assessee has disputed the order of the CIT(A) in confirming the order of the Assessing Officer in working out the book profit at Rs. 10,15,177 ....

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....d. In accordance with the require-ements of the Companies Act, it was further contended that sub-section (1A) of section 115 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. It was, therefore, contended that the Assessing Officer was not justified while ignoring the book profit arising after claiming depreci....

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....15JA, the Assessing Officer has to accept the authenticity of accounts with reference to the provisions of the Companies Act. Therefore, the Assessing Officer was not justified in allowing depreciation of Rs. 10,65,660 instead of Rs. 17,64,262 as claimed with reference to the provisions of the Companies Act. We, therefore, respectfully following the decision in the case of Apollo Tyres Ltd. (supra....