TMI Blog2009 (4) TMI 28X X X X Extracts X X X X X X X X Extracts X X X X ..... gains of the business or profession - held that the assessing officer was not entitled to alter the profit and loss account prepared by the assessee under the provisions contained in the Companies Act while arriving at the book profit under Section 115JA and the book profit so arrived at should be the basis for taxation and, therefore, the computation under section 80HHC should be limited to the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in respect of profits eligible for deduction under Section 80HHC of the Income-tax Act, 1961. Since the assessee's claim under Section 80HHC is nil, no deduction under Section 80HHC survives. Under Section 115JA as claimed under Section 80HHC will not change 115JA from what was under normal computation. Against that order, the assessee preferred an appeal before the Commissioner of Income-tax (App ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e profit computed under the regular provision of law applicable to the computation of profits and gains of the business or profession." 3. We heard the argument of the learned counsel on either side and perused the material on record. 4. Learned counsel on either side submits that the issue involved in the present case is squarely covered by the Division Bench judgment of this Court in the cas ..... X X X X Extracts X X X X X X X X Extracts X X X X
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