Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2013 (12) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2013 (12) TMI 866 - HC - Income TaxComputation of relief u/s 80I - Deduction of Relief u/s 80HH from gross total income - Recomputation of allowable deduction – Precedential value of J.P. Tobacco Products (P) Ltd Vs. C.I.T. – Held that:- Following Commissioner of Income Tax Vs. Lucky Laboratories Ltd [2005 (8) TMI 80 - ALLAHABAD High Court] and Madhya Pradesh High Court in J.P. Tobacco Products P. Ltd v. CIT [1996 (8) TMI 29 - MADHYA PRADESH High Court] - both the sections are independent and, therefore, the deductions could be claimed both under sections 80-HH and 80-I on the gross total income. Validity of change in method of charging depreciation from straight line to WDV – Computation of Liability u/s 115J of the Income tax act – Held that:- Following Apollo Tyres Vs. CIT [2002 (5) TMI 5 - SUPREME Court] - while computing the income under Section 115J of the Income-tax Act, the Assessing Officer has only power to examine whether the books of account were certified by the authorities under the Companies Act as having been properly maintained in accordance with the Companies Act - the Assessing Officer thereafter has limited powers of making increases and reductions as provided for in the Explanation to the said section - the Assessing Officer does not have the jurisdiction to go beyond the net profits shown in the profit and loss account, except to the extent provided in the Explanation to Section 115J of the Income-tax Act - the accounts maintained by the assessee are certified by the auditors – Thus, the book adjustment made by the Assessing Officer being contrary and liable to be set aside - Under the Companies Act, 1956, both straight line method and written down value method are recognized – Decided against the revenue.
|