2022 (6) TMI 631

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....2,223/- to the book profit while computing the same u/s.115JB of the Act. 2. In this regard, the ld. Authorised Representative (ld. AR for short) of the assessee had submitted that the Revenue has wrongly decided the issue while computing the book profit off the assessee u/s.115JB and have taken into account the amount of interest while calculating the book profit. He has drawn our attention to Explanation 1 to section 115JB of the Act. He submitted that the amount of interest (the difference of the amount) which was reflected in section 26AS cannot be added to the book profit, as the same was not provided under the Explanation 1 to section 115JB. It was also the contention of the ld. AR that the Hon'ble Supreme Court in the case of ....

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....nce the Book Profit itself needs modification, the decision of Hon'ble Supreme Court in Apollo Tyres will not be applicable. The addition made by the AO is accordingly, upheld. 4. We have heard the rival contention and perused the material available on record. Undoubtedly, during the assessment proceedings, the Assessing Officer had asked the assessee to reconcile the income appearing in Form 26AS. After that enquiry by the Assessing Officer, the assessee offered the income of Rs.30,82,223/- under the normal computation of income, which reads as under: 5.1 During the assessment proceedings, the assessee was asked to reconcile the income appearing in the Form 26AS. The assessee submitted the details vide letter dated 26.12.20....

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....ng the statement of the profit and loss account in accordance with the Companies Act, 2013. In our view, once the error was committed by the assessee in preparation of Profit and loss statement by not adding the entire amount shown in 26AS as income of the assessee either on account of omission, inadvertent error or by way of fraud which was otherwise required to be included in the statement of the profit and loss account, then it cannot be said that the said amount which was wrongly or deliberately or otherwise left to be included in the book of accounts, cannot be added to the book profit for the purpose of section 115JB of the Act. In our considered opinion, no person can be permitted to gain from his own mistake either deliberately o....