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2016 (11) TMI 1442 - HC - Income TaxMAT computation - Alteration of profit shown in the books of account for the purpose of taxable liability as per the provisions of section 115JB on any subject or item which otherwise is not falling in the Explanation to section 115JB - held that:- When the provisions of section 115JB of the Act has overriding effect upon other provisions of the said Act and when the mechanism or operation of the area is a complete code by itself, any deduction which is otherwise not provided by the Explanation would be outside the scope of operation of section 115JB of the Act. We do not find that the Tribunal has committed any error to upheld that once this amount has been disclosed in the profit and loss account prepared strictly as per provisions of Schedule VI to the Companies Act, the same cannot be excluded for the purpose of computing book profits under section 115JB See Apollo Tyres Ltd. v. CIT reported in [2002 (5) TMI 5 - SUPREME Court] wherein held the books of account certified by the authorities under the Companies Act for the purpose of computing income is to be accepted as per section 115JB of the Act and the increase or reduction is permissible only to the extent provided under Explanation to the said section. To put it differently, there is no jurisdiction for the Assessing Officer to go beyond the profit shown in the "profit and loss account" except to the extent provided in the Explanation to section 115JB of the Act. Book profits arrived at as per the provisions of Income-tax Act cannot be tinkered with. Therefore, substantial questions of law stand answered in favour of the Revenue and against the assessee.
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