| |
The Tax PublishersITA No. 134 of 2000
2020 TaxPub(DT) 1245 (P&H-HC)INCOME TAX ACT, 1961
Section 115J
AO does not have jurisdiction to go behind the net profit shown in the P&L account except to the extent provided in Explanation to section 115J.
|
Special provisions applicable to certain companies - Computation of income under section 115J - Depriciation whether to be allowed as per Income Tax Rules, or Companies Act, 1956 -
Issue arose as to whether while computing income under section 115J, depreciation is to be allowed only as the provisions of the 1956 Act and not as per the Income Tax Rules, 1962. Held: Supreme Court in Malayala Manorama Co. Ltd. v. Commissioner of Income-Tax ((2008) 300 ITR 251 (SC) : 2008 TaxPub(DT) 1900 (SC)), had allowed appeal of assessee. In view of the decision of Court in Sona Woollen Mills (P.) Ltd.'s case ((2008) 300 ITR 202 (P & H) : 2008 TaxPub(DT) 0371 (P&H-HC)) question was answered in favour of assessee. Matter was remanded back to AO to compute the income under section 115J of the 1961 Act in accordance with law.
Followed:Malayala Manorama Co. Ltd. v. Commissioner of Income-Tax ((2008) 300 ITR 251 (SC) : 2008 TaxPub(DT) 1900 (SC)), Sona Woollen Mills (P.) Ltd.'s case ((2008) 300 ITR 202 (P & H) : 2008 TaxPub(DT) 0371 (P&H-HC))
REFERRED :
FAVOUR : In assessee's favour
A.Y. :
IN THE PUNJAB & HARYANA HIGH COURT
 SUBSCRIBE FOR FULL CONTENT
|