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TMI Blog2016 (8) TMI 231X X X X Extracts X X X X X X X X Extracts X X X X ..... 15J has only the power of examining whether the books of account are certified by the authorities under the Companies Act as having been properly maintained in accordance with the Companies Act. The Assessing Officer thereafter has the limited power of making increases and reductions as provided for in the Explanation to the said section. To put it differently, the Assessing Officer does not have ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Bench, Kolkata in ITA No.694(Kol) of 2008 pertaining to the assessment year 2004-05 by which the learned Tribunal allowed the appeal preferred by the assessee. The aggrieved revenue has come up in appeal. The following questions of law has been suggested by the revenue:- Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal is correct in deleting ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed Tribunal deleted the addition regard being had to the order passed during assessment of the previous year and the subsequent year as also referring to the Apollo Tyres Ltd. In the case of Apollo Tyres Ltd. Vs. CIT. reported in (2002) 255 ITR 273, the jurisdiction of the assessing officer was held to be restricted as follows:- Therefore, we are of the opinion, the Assessing Officer while ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of Explanation 1 of Section 115JB provided the reserve had been created by debiting to the profit and loss account, which reads as follows:- (b) the amounts carried to any reserves, by whatever name called [other than a reserve specified under section 33AC] Since the reserve was not created by debiting the profit and loss account, the assessing officer had no power to go behind the acc ..... X X X X Extracts X X X X X X X X Extracts X X X X
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