TMI Blog2018 (10) TMI 1286X X X X Extracts X X X X X X X X Extracts X X X X ..... lete code in itself. Upon due consideration, we find that the facts of the present case are squarely covered by case of APOLLO TYRES LTD. VERSUS COMMISSIONER OF INCOME TAX [2002 (5) TMI 5 - SUPREME COURT] as held Assessing Officer does not have the jurisdiction to go behind the net profit shown in the profit and loss account except to the extent provided in the Explanation to section 115J. The provisions of Section 115JB are on similar lines as the provisions of Section 115J. Therefore, drawing analogy from the ratio of the above cited decision of Hon’ble Apex Court, we delete the impugned adjustment u/s 115JB - decided in favour of assessee - I.T.A. No.486/Mum/2017 - - - Dated:- 7-9-2018 - Shri Joginder Singh, JM And Shri Manoj Kumar ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as been computed at ₹ 224.51 Lacs as against ₹ 221.63 Lacs computed by the assessee. During impugned AY, the assessee being resident corporate assessee was engaged as reinsurance broker . 2. During assessment proceedings, an amount of ₹ 2,24,898/- debited by the assessee under the head repairs and maintenance of building, was disallowed while computing Business income since the same was incurred to earn the rental income which was separately assessed under the head Income from House property . The aforesaid addition was made while arriving at the normal income as well as while computing book profits u/s 115JB. Since tax liability u/s 115JB was higher, the assessee was liable to pay tax as per MAT provision ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Court rendered in the context of erstwhile Section 115J wherein the Hon ble High Court has held as under:- Therefore, we are of the opinion that the Assessing Officer 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 Assessing Officer thereafter has the limited power of making increase 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 account except to the extent provided in the Explanation to se ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
