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The Pr. Commissioner of Income Tax Versus M/s J.K. Synthetics Ltd.

2016 (11) TMI 1364 - ALLAHABAD HIGH COURT

Permission to enhance the depreciation by revaluation of the assets upwards - whether assessee company has shown high depreciation in the Profit & Loss A/c during the year under consideration and defeated the provisions of Section 115J? - Held that:- .....

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TMI 5 - SUPREME Court) wherein find from a perusal of the assessment order that the net profit shown in the profit and loss account of the company was prepared in accordance with Parts II and III of Schedule VI to the Companies Act. Once this finding .....

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fresh inquiry in regard to the entries made in the books of account of the company. The Supreme Court has categorically held in Apollo Tyres (Supra) that there cannot be two incomes, one for the purpose of the Companies Act and another for the purpo .....

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Tax-I, Kanpur under Section 260A of the Income Tax Act, 1961 against the order dated 26 June 2015 passed by the Income Tax Appellate Tribunal for the Assessment Year 1990-91. The substantial question of law that has been framed is as follows:- 1. Wh .....

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eated the provisions of Section 115J of the Act? 2. Whether the assessee can be permitted to enhance the depreciation by revaluation of the assets upwards and thereby reducing its income. It has been pointed out by Sri Shubham Agrawal, learned counse .....

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ur 2016 UPTC 49 between the same parties for the Assessment Year 1988-89 and following the decision of the Supreme Court in Apollo Tyres Ltd. Vs. Commissioner of Income-Tax (2002) 255 ITR 273 (SC) the appeal was dismissed. Paragraphs 5, 6 and 9 of th .....

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f Schedule-VI to the Companies Act, the Assessing Officer was justified in revising the net profit under Section 115J of the Act. The Supreme Court in Apollo Tyres (Supra) considered the question as to whether the Assessing Officer while assessing a .....

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e with the requirements of Parts II and III of Schedule VI to the Companies Act. ….................... In the light of the aforesaid, we find from a perusal of the assessment order that the net profit shown in the profit and loss account of th .....

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