TMI Blog2007 (10) TMI 654X X X X Extracts X X X X X X X X Extracts X X X X ..... that such provision is contingent in nature. 3.(a) The facts in brief are that the assessee filed the return of income declaring Nil income. However, the assessee declared income of ₹ 18,67,823/- computed under Section 115JA of the I.T Act. The Assessing Officer observed that while arriving the income under Section 115JA the assessee has excluded the income from diminution in the value of investments at ₹ 17,62,155/- which has been accounted for in the Profit and Loss Account. 3.(b) The assessee explained that the Profit and Loss Account has been prepared in accordance with the provisions of para 2 and 3 of schedule 6 of the companies act and according to the standard issued by the Institute of Chartered Accountants of Ind ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d that the issue stands squarely covered in favour of the assessee by the decision of the Special Bench of the Tribunal in the case of Usha Martin Industries Ltd. reported in 105 TTJ 543(KOL)(SB). 6. The Ld DR on the other hand strongly relied on the orders of the Assessing Officer and the Ld CIT(A) and further submitted that the assessee has not made this claim before the Assessing Officer. Therefore, as per the decision of the Hon'ble Supreme Court in the case of M/s. Goetz (India) Ltd. reported in 284 ITR 323 the assessee should have filed revised return. He accordingly supported the orders of the Assessing Officer and the Ld CIT(A). 7. In his rejoinder, the Ld Counsel for the assessee drew the attention of the Bench to the cop ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Companies Act Which are certified by the auditors and approved by the company in general meeting. He has only the power of examining whether the books of account are certified by the authorities under the Companies Act The Assessing Officer does not have the jurisdiction to go behind the net profit shown in the P and L a/c except to the extent provided in the Explanation. Thereafter Assessing Officer has to make adjustment permissible under Explanation given in S.115J, The above observation of the Hon'ble Apex Court given with reference to S.115J would be squarely applicable with regard to the provision of s. 115JA also because both the provisions are pari materia. 9. We find the Tribunal at para 43.7 of the same has held as und ..... X X X X Extracts X X X X X X X X Extracts X X X X
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