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2015 (7) TMI 1087 - HC - Income TaxTax effect - monetary limit - ITAT direction to deduct the amount of prior year adjustment out of current year's net profit for arriving at the book profit for the purpose of computation of income under section 115J - Held that:- In view of the Instruction No. 5 dated 10 July 2014 read with decision of this court in CIT v. Madhukar K. Inamdar (HUF) [2009 (7) TMI 145 - BOMBAY HIGH COURT]; CIT v. Pithwa Engg. Works [2005 (7) TMI 66 - BOMBAY High Court ] and CIT v. Smt. Vijaya V. Kavekar [2013 (2) TMI 451 - Bombay High Court] the instruction No. 5 of 2014 issued by the Central Board of Direct Taxes would also be applicable to pending appeals and references. Nothing has been shown to us to indicate that the issue raised in this particular reference would fall within the exclusion clause of the 2014 Instruction No. 5 of 2014 nor that the issue has a cascading effect or would otherwise be covered by the decision of apex court in CIT v. Surya Herbal Ltd. [2011 (8) TMI 137 - Supreme Court of India ]. In view of the above, we return the reference unanswered.
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