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TMI Blog2008 (7) TMI 325X X X X Extracts X X X X X X X X Extracts X X X X ..... provided in the Expl. to section 115J - 55 of 1999 - - - Dated:- 4-7-2008 - JAYANT PATEL and AKIL KURESHI JJ. Manish R Bhatt for the appellant. None for the respondents. JUDGMENT The judgment of the court was delivered by AKIL KURESHI J. - At the instance of the Revenue, following questions have been referred to this court:- "1. Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal was right in law in upholding the CIT (A)'s order deleting the addition of Rs. 61,602 being the difference in the amount of depreciation as a result of changing the method of providing the depreciation from the straight line method to written down value method? 2. Whether on the facts and in the ci ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Assessing Officer were thereupon deleted by the CIT (Appeals). 4. The Revenue approached the Income-Tax Appellate Tribunal against the order passed by the CIT (Appeals). The ITAT negatived the stand of the Revenue on this issue by observing that:- "2.4 The Revenue is in appeal. We have heard the rival submissions. Similar issue came up for consideration before the Tribunal, Indore Bench, in Beta Naphthol P. Ltd. v. Deputy CIT [1994] 50 TTJ 375 and the Tribunal after referring to exerts from a guide from the Companies Audit issued by the Institute of Chartered Accountants of India, and paras 25 and 26 of the order of Cochin Bench of the Tribunal in 44 TTJ 534 and Apollo Tyres Ltd. v. Deputy CIT [1992] 43 ITD 464 answered t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ommissioner of Income-Tax, [2002] 255 ITR, 273, held that the Assessing Officer, while computing the book profits of a company under section 115J of the Act has only power of examining whether the books of accounts 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 section 115J. The Assessing Officer does not have the jurisdiction to go beyond the net profit shown in the profit and loss account except to the limited extent provided in the Explanation. It was further observed that while looking into the accounts of the company, the Asse ..... X X X X Extracts X X X X X X X X Extracts X X X X
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