Dy. CIT v. Arvind Mills Ltd. - Taxpublishers.in

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The Tax Publishers2009 TaxPub(DT) 1639 (Guj-HC) : (2009) 029 (I) ITCL 0215 : (2009) 314 ITR 0251 : (2010) 228 CTR 0208 : (2009) 183 TAXMAN 0189 : (2009) 025 DTR 0104 Dy CIT v. Arvind Mills Ltd. INCOME TAX ACT, 1961 MAT- Book profit under section 115J-Rejection of accounts -Not approved at general meeting Assessee declared its total income as per section 115J in return of income. It revised said return twice. AO rejected accounts filed with revised return of income; in view that same had not been presented before annual general meeting of company. *Held:* Under provisions of section 115J(1A) was that accounts, more particularly profit and loss account for relevant previous year, had to be prepared in accordance with Parts II and III of Schedule VI to the Companies Act, 1956 and it had to be certified by chartered accountants. Hence, accounts rejected by AO, on ground that it was not approved at annual general meeting of company was not justified. Income-tax Act, 1961, Section 115J A.Y. : 1989-90 Decision: In favour of assessee. Case Law Analysis:Apollo Tyres Ltd. v. CIT [2002] 255 ITR 273/ 122 Taxman 562 (SC) [Para 8] Dy CIT v. Arvind Mills Ltd. SUBSCRIBE FOR FULL CONTENT

The Tax Publishers2009 TaxPub(DT) 1639 (Guj-HC) : (2009) 029 (I) ITCL 0215 : (2009) 314 ITR 0251 : (2010) 228 CTR 0208 : (2009) 183 TAXMAN 0189 : (2009) 025 DTR 0104

Dy CIT v. Arvind Mills Ltd.

INCOME TAX ACT, 1961

MAT- Book profit under section 115J-Rejection of accounts -Not approved at general meeting

Assessee declared its total income as per section 115J in return of income. It revised said return twice. AO rejected accounts filed with revised return of income; in view that same had not been presented before annual general meeting of company. Held: Under provisions of section 115J(1A) was that accounts, more particularly profit and loss account for relevant previous year, had to be prepared in accordance with Parts II and III of Schedule VI to the Companies Act, 1956 and it had to be certified by chartered accountants. Hence, accounts rejected by AO, on ground that it was not approved at annual general meeting of company was not justified.

Income-tax Act, 1961, Section 115J

A.Y. : 1989-90
Decision: In favour of assessee.

Case Law Analysis:Apollo Tyres Ltd. v. CIT [2002] 255 ITR 273/ 122 Taxman 562 (SC) [Para 8]

Dy CIT v. Arvind Mills Ltd.