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CIT, Central-II, Kolkata Versus M/s Shyam Century Ferrous Ltd.

2016 (8) TMI 231 - CALCUTTA HIGH COURT

MAT - Addition being excise subsidy received to the book profits, as a reserve according to Explanation (b) to Section 115JB - Held that:- As decided in Apollo Tyres Ltd. Vs. CIT [2002 (5) TMI 5 - SUPREME Court] Assessing Officer while computing the .....

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has the limited power of making increases and reductions as provided for in the Explanation to the said section. To put it differently, the Assessing Officer does not have the jurisdiction to go behind the net profit shown in the profit and loss acco .....

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ect in deleting the addition - Decided against the revenue. - ITA No. 200 of 2009 - Dated:- 22-7-2016 - Girish Chandra Gupta And Arindam Sinha, JJ. Mr.M.P.Agarwal, Ms.Mamta Bhargava, Advocates For the Appellant Mr. J. P. Khaitan, Sr. Advocate, Mr. Si .....

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he assessment year 2004-05 by which the learned Tribunal allowed the appeal preferred by the assessee. The aggrieved revenue has come up in appeal. The following questions of law has been suggested by the revenue:- Whether, on the facts and in the ci .....

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t, 1961 ? The facts and circumstance of the case briefly stated are as follows:- The assessee is a newly established undertaking, which is entitled to the benefit under section 80IB. It would appear from the assessment order that under the normal com .....

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e order was unsuccessfully challenged by the assessee before the CIT(A). In a further appeal by the assessee, the learned Tribunal deleted the addition regard being had to the order passed during assessment of the previous year and the subsequent yea .....

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ficer while computing the income under section 115J has only the power of examining whether the books of account are certified by the authorities under the Companies Act as having been properly maintained in accordance with the Companies Act. The Ass .....

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n the profit and loss account except to the extent provided in the Explanation to section 115J. Mr.Khaitan, learned senior advocate appearing for the assessee submitted that the auditors have not qualified the accounts in their report. He added that .....

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