TMI Blog2009 (4) TMI 419X X X X Extracts X X X X X X X X Extracts X X X X ..... nly be calculated on the actual profits not o the book profits. The Commissioner (Appeals) confirmed the order of the Assessing Officer. The Tribunal held that the computation of deduction u/s 80HHC of the Act was to be worked out on the basis of the adjusted book profits u/s 115JA only and not in the profit arrived at on the regular basis. Held that - Tribunal was right in allowing deduction u/s 80HHC on the basis of book profits u/s 115JA and not on the basis of eligible pofits u/s 80HHC as per normal computation. - 1191 of 2008 - - - Dated:- 17-4-2009 - K. RAVIRAJA PANDIAN and M. M. SUNDRESH JJ. Mrs. Pushya Sitaraman for the appellant. J. Balachandar for the respondent. JUDGMENT The judgment of the court was deliver ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er, the assessee filed an appeal before the Commissioner of Income-tax (Appeals). The Commissioner of Income-tax (Appeals) confirmed the order of the Assessing Officer. However, the Income-tax Appellate Tribunal on appeal being taken to it held that the computation of deduction under section 80HHC of the Act is to be worked out on the basis of the adjusted book profits under section 115JA of the Act only and not in the profit arrived at in regular basis. The correctness of the said order is now canvassed before this court by filing this appeal. 4. We heard the argument of the learned senior standing counsel for the Revenue, who fairly submits that the issue involved in this case is covered by a decision of the Division Bench of this co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mpany under section 115J of the Income-tax Act, 1961, has only the power to examine whether such books of account are certified by the authorities under the Companies Act as having been properly maintained in accordance with the Companies Act. The Assessing Officer there-after has the limited power of making increases and reductions as provided for in the Explanation to section 115J. The Assessing Officer does not have the jurisdiction to go behind the net profits shown in the profit and loss account except to the extent provided in the Explanation. The use of the words 'in accordance with the provisions of Parts II and III of Schedule VI to the Companies Act' in section 115J was made for the limited purpose of empowering the Assessing O ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
