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2004 (9) TMI 96 - HC - Income TaxComputation of book profits under section 115J - whether the amount transferred from the revaluation reserve to the profit and loss appropriation account is to be added to the net profit for the purpose of computation of book profits under section 115J or not. - We are satisfied that the order of the Tribunal is clearly in accordance with the provisions of law and no cause for interference has been made out by this court. The provisions of clause (i) of the Explanation to section 115J(1A) are totally unambiguous and have no scope for any other interpretation - Tribunal was, therefore, right in holding that the amount transferred from the revaluation reserve could not be deducted out of the net profit while computing the book profits for the purpose of section 115J - Resultantly, the assessee’s appeal being without any merit is dismissed in limine.
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