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2020 (9) TMI 248 - KARNATAKA HIGH COURTMAT Computation u/s 115JB - Tribunal held that the capital profits on sale of land, which are credited to the capital reserves account in the balance sheet, are not to be included under the book profits for the purpose of Section 115J? - whether Tribunal is justified in law by holding that the Assessing Officer has no power and jurisdiction to bring to tax the income which is includible under the book profit but not included under the book profit in the audited statement of accounts? - HELD THAT:- As revenue fairly submitted that the substantial questions of law which arise for consideration in this appeal have already been answered against the revenue by a Bench of this Court in 'SRI HARIRAM HOTELS (P) LTD. Vs. COMMISSIONER OF INCOME- TAX AND ANOTHER' [2015 (12) TMI 1419 - KARNATAKA HIGH COURT] In view of the aforesaid enunciation of law, the substantial questions of law framed by this Court in this appeal are also answered against the revenue and in favour of the assessee.
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