2017 (1) TMI 1151

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....e Revenue urges only the following questions of law for our consideration:- (1) Whether on the facts and in the circumstances of the case and in law the Tribunal was justified in deleting the adjustments made by the Assessing Officer while working out book profit u/s. 115JB of Income Tax Act in respect of arrears of depreciation for A.Y. 2000-01 and 2001-02 by relying on the decision of the Supreme Court in the case of Apollo Tyres Ltd, 255 ITR 273? (2) Whether on the facts and in the circumstances of the case and in law the Tribunal was correct in deleting the adjustments made by the Assessing Officer in respect of arrears of depreciation for A.Y. 2000-01 and 2001-02 while working out the book profit u/s. 115JB of the Inc....

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....s for the purpose Section 115JB of the Act. (b) Being aggrieved, the respondent-assessee filed an appeal to the Commissioner of Income Tax (Appeals) (CIT(A)). The appeal was allowed by order dated 27th February, 2003 by the CIT(A) inter alia holding that in view of the decision of Apollo Tyres Ltd (supra) the Assessing Officer has to accept the book profits arrived at in terms of the Companies Act, certified by the auditors and accepted at the General Meeting of the Company. The only adjustment to arrive at the book profits for the purposes of Section 115JB of the Act is provided in the Explanation thereto. Thus deleted the addition made by the Assessing Officer. (c) Being aggrieved the Revenue carried the issue in appeal to the Tribu....