2016 (12) TMI 55 - SCH - Income Tax

Permission to enhance the depreciation by revaluation of the assets upwards - Held that - We do not find any merit in this petition. The special leave petition is, accordingly, dismissed. HC order confirmed 2016 (11) TMI 1364 - ALLAHABAD HIGH COURT Assessing Officer could not go behind the net profit shown in the profit and loss account except to the extent provided in the Explanation to Section 115J of the Act. We are of the opinion that the provision of Section 115J does not empower the Assessing Officer to embark upon a fresh inquiry in regard to the entries made in the books of account of the company

Summary

The Supreme Court dismissed the special leave petition as it found no merit in the case. Delay was condoned and any pending application was disposed of. (2016 (12) TMI 55 - SC Order)