2009 (4) TMI 23

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.... JUSTICE D. A. MEHTA - At the time of admission on 09.07.2007, following substantial question of law came to be framed by the High Court: Whether, the Appellate Tribunal is right in law and on facts in setting aside the assessment order on the issue of book profit worked out under Section 115J as also in directing the Assessing Officer to work out the book profit under Section 115J by allowing ....

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....en advanced by the Assessing Officer for discarding the accounts on the basis of which depreciation has been claimed by adopting Written Down Value method. The assessee carried the matter in appeal before Commissioner (Appeals) and succeeded. Revenue failed in its appeal before the Tribunal for the reasons recorded in impugned order dated 16th March, 1999. Learned counsel for appellant reven....

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....rranted in the impugned order of Tribunal. In the facts of the present case, Commissioner (Appeals) has admittedly found, as a matter of fact, that the Profit & Loss Account presented, along with return of income was in terms in consonance with Parts II & III of Schedule VI of the Companies Act, 1956 and the same was duly audited by a Chartered Accountant. The Tribunal has confirmed the order m....