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Issues involved: Condonation of delay, correctness of deletion by CIT(A), computation of book profit u/s 115J.
The High Court of Calcutta, in the case, perused the application for condonation of delay and allowed the application after being satisfied with the grounds mentioned therein. The Court also examined the order passed by the Tribunal regarding the correctness of the deletion by CIT(A). The Tribunal extensively dealt with all the questions raised, considering the decision of the Hon'ble apex Court in Apollo Tyres Ltd. vs. CIT. The Tribunal's observation emphasized that the AO, while computing the book profits u/s 115J, has limited power and cannot go behind the net profits shown in the P&L account except as provided in the Explanation. The Court agreed with the Tribunal's decision that the AO must accept the authenticity of the accounts maintained in accordance with the provisions of the Companies Act, specifically certified by auditors and approved by the company in the annual general meeting. The Court found no fault on the part of the Tribunal in deciding the matter and concluded that there was no substantial question of law involved that required further examination by the Court. Consequently, the Court dismissed the application, upholding the Tribunal's decision.
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