2002 (5) TMI 5 - SC - Income Tax

Whether, can an AO while assessing a company for income-tax under section 115J of the Income-tax Act question the correctness of the profit and loss account prepared by the assessee-company and certified by the statutory auditors of the company as having been prepared in accordance with the requirements of Parts II and III of Schedule VI to the Companies Act - No, Assessing Officer does not have the jurisdiction to go behind the net profit