9911796707
TMI Blog2010 (10) TMI 110X X X X Extracts X X X X X X X X Extracts X X X X ..... s a limited liability company governed by the provisions of Companies Act, 1956. It took loan from Uttar Pradesh Financial Corporation. In relation thereto, it was required to pay interest to Uttar Pradesh Financial Corporation. It did not pay the same. However, liability in relation thereto accrued in terms of the agreement inter se the assessee and the Financial Corporation. This liability was r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Tribunal. Before the Tribunal once again, it was contended that the assessee deviated from the method of accounting. The deviation was not, however, indicated. In paragraph 2 of Part-II of Schedule -VI of the Companies Act, it has been provided that Profit & Loss Account shall 2 be so made so as to clearly disclose the result of the working of the Company during the period covered by the Accounts ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... have been maintained by an assessee, which is a company, in accordance with the provisions of Parts-II and III of Schedule VI of the Companies Act, 1956, as held by the Hon'ble Supreme Court in the case of Apollo Tyres Ltd. Vs. Commissioner of Income Tax, Kochi reported in AIR 2002 SC 2131, the Assessing Officer cannot add to the book-profit disclosed by such Accounts anything except those, which ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ot pari materia. For the purpose of this appeal, it would be suffice for us to declare that the right to touch book-profit by the Assessing Officer in relation to Section 115J is identical to 3 such right in relation to Section 115JA and the same is governed by the law declared by the Hon'ble Supreme Court in the case of Apollo Tyres Ltd. Vs. Commissioner of Income Tax, Kochi (supra). We, accordin ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
