2016 (8) TMI 231

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..... Advocate, Mr. Siddharth Das, Advocate For the Respondent ORDER The Court : The subject matter of challenge is a judgment and order dated 20th March, 2009 passed by the learned Income Tax Appellate Tribunal, "C" Bench, Kolkata in ITA No.694(Kol) of 2008 pertaining to the assessment year 2004-05 by which the learned Tribunal allowed the appeal preferred by the assessee. The aggrieved reve....

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....book profit a sum of Rs. 3,60,20,761/- received on account of excise duty refund subsidy. The order was unsuccessfully challenged by the assessee before the CIT(A). In a further appeal by the assessee, the learned Tribunal deleted the addition regard being had to the order passed during assessment of the previous year and the subsequent year as also referring to the Apollo Tyres Ltd. In the ....

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....5J." Mr.Khaitan, learned senior advocate appearing for the assessee submitted that the auditors have not qualified the accounts in their report. He added that the assessing officer could have resorted to Clause (b) of Explanation 1 of Section 115JB provided the reserve had been created by debiting to the profit and loss account, which reads as follows:- "(b) the amounts carried to any ....