2007 (11) TMI 624

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....ion of delay. We are satisfied with the grounds mentioned therein. Hence delay is condoned and the application being GA No. 2819 of 2007 is allowed. 2. We have heard learned counsel for the parties. We have also perused the order passed by the learned Tribunal. The question arose whether the deletion as made by the CIT(A) is correct in the facts and circumstances of the case. All the questions ....

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....e limited power of making increases and reductions as provided for in the Explanation to s. 115J. The AO does not have the jurisdiction to go behind the net profits shown in the P&L a/c except to the extent provided in the Explanation. The use of the words 'in accordance with the provisions of Parts II and III of Sch. VI to the Companies Act' in s. 115J was made for the limited purpose of ....