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2014 (9) TMI 1173 - AT - Income TaxMAT computation - Addition made to the book profit on account of profit made on sale of land not credited to the profit and loss account - income reflected in the company's books of account - deemed income for the purpose of assessing the tax - Held that:- In the case of Adbhut Trading Co. Pvt. Ltd. [2011 (7) TMI 716 - BOMBAY HIGH COURT] held that once the accounts including profit and loss account had been prepared and certified by the authorities under the Companies Act, it was not open for the AO to state that P&L Account has not been prepared in accordance with the provisions of Companies Act. Respectfully following the decision of Adbhut Trading Co. Pvt. Ltd. (supra) and in the case of Akshay Textiles Trading and Agencies Pvt. Ltd [2007 (10) TMI 251 - BOMBAY HIGH COURT]), we do not find any infirmity in the order of ld. CIT(A) for deleting the addition under Section 115JB.
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