2007 (12) TMI 478

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....UDGEMENT K. Raviraja Pandian, J. By framing the following two substantial questions of law, the revenue has filed the present appeal: 1. Whether in the facts and circumstances of the case, the Tribunal was right in holding that the profit on sale of land carried to capital reserve cannot be added to book profit under section 115J? 2. Whether in the facts and in circumstance....

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....ion under section 115J of the Income Tax Act. 3. Aggrieved by the order, the assessee filed an appeal before the Commissioner of Income Tax (Appeals), who by upholding the order of the assessing officer dismissed the appeal. The assessee carried the matter on appeal before the Income Tax Appellate Tribunal. By reason of the impugned order, the Tribunal allowed the appeal. The correctness of the....

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....r, thereafter has the limited power of making increases and reductions as provided for in the Explanation to the said section. To put it differently, the assessing officer does not have the jurisdiction to go behind the net profit shown in the profit and loss account except the extent provided for in the explanation to section 115J of the Act. 6. In the light of the exposition of law in respect....