2012 (7) TMI 937

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....umari, CIT DR ORDER Per SUSHMA CHOWLA, J.M. : This appeal by the assessee is against the order of the Commissioner of Income Tax  (Appeals)-II, Ludhiana dated 15.09.2011 relating to assessment year 2008-09 against the order passed u/s 143(3) of Income Tax Act, 1961 (in short 'the Act'). 2.The assessee had raised the following grounds of appeal: 1.That the Ld. CIT (A) erred in l....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....d in the absence of any nexus proved by Assessing Officer and in view of Hon'ble Jurisdictional High Court's decision in the case of CIT Vs HERO CYCLES LTD reported in 323 ITR 518 (Pb.). 2.That the appellant craves, leave to add,amend, alter, modify or substitute all or any of the above mentioned Grounds of Appeal before the appeal is finally heard and disposed off. 3.The learned A.R....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ssment year 2006-07 - date of order 30.11.2009. 4.The learned D.R. for the Revenue placed reliance on the orders of the authorities below. 5.We have heard the rival contentions and perused the record. The only issue arising in the present appeal is in respect of computation of book profits under section 115JB of the Act. The Assessing Officer while computing the said book profits had added b....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....sallowance u/s  115 JB of the Act, in turn following the ratio laid down by the Apex Court in Apollo Tyres Ltd. 255 ITR 273 (SC). We are in conformity with the order of CIT(A). The adjustments, if any, to be made to the profit shown in the profit and loss account, are provided in the section 115 JB of the Act itself. There is no provision in the Act to make adjustment on account of notional d....