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2018 (10) TMI 1286 - AT - Income TaxMAT computation - computation of ‘book profits’ made by the assessing officer under section 115JB - addition of expenditure on ‘repairs and maintenance’ disallowed under normal provisions - assessee is a corporate entity and has drawn its accounts in accordance with the provisions of the Companies Act - Held that:- Undisputed fact is that it has debited aforesaid expenditure in the Profit and Loss account and the adjustment of such a nature, while arriving at book profits, is not envisaged by Explanation 1 to Section 115JB, which as per settled legal position, is a separate and complete code in itself. Upon due consideration, we find that the facts of the present case are squarely covered by case of APOLLO TYRES LTD. VERSUS COMMISSIONER OF INCOME TAX [2002 (5) TMI 5 - SUPREME COURT] as held Assessing Officer does not have the jurisdiction to go behind the net profit shown in the profit and loss account except to the extent provided in the Explanation to section 115J. The provisions of Section 115JB are on similar lines as the provisions of Section 115J. Therefore, drawing analogy from the ratio of the above cited decision of Hon’ble Apex Court, we delete the impugned adjustment u/s 115JB - decided in favour of assessee
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