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TMI Blog2016 (11) TMI 1364X X X X Extracts X X X X X X X X Extracts X X X X ..... Commissioner of Income Tax-II Kanpur Vs. M/S. J.K. Synthetics Ltd. Kamla Tower Kanpur [2015 (10) TMI 397 - ALLAHABAD HIGH COURT] following the decision of the Supreme Court in Apollo Tyres Ltd. Vs. Commissioner of Income-Tax (2002 (5) TMI 5 - SUPREME Court) wherein find from a perusal of the assessment order that the net profit shown in the profit and loss account of the company was prepared in ac ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... al has been filed by the Principal Commissioner of Income Tax-I, Kanpur under Section 260A of the Income Tax Act, 1961 against the order dated 26 June 2015 passed by the Income Tax Appellate Tribunal for the Assessment Year 1990-91. The substantial question of law that has been framed is as follows:- 1. Whether the Hon'ble ITAT is justified in law and on facts in upholding the decision ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... llo Tyres Ltd. Vs. Commissioner of Income-Tax (2002) 255 ITR 273 (SC) the appeal was dismissed. Paragraphs 5, 6 and 9 of the judgment are reproduced below:- Before this Court, the Department has proposed that a question of law arises for consideration, namely, that since the profit loss account was not prepared in accordance with the provisions of part II and III of Schedule-VI to the Compa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... edule VI to the Companies Act. Once this finding has been given, the 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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