Supreme Court · 2008 INSC 478 · Decided 10 April 2008
Malayala Manorama CO. LTD. v. Commissioner of Income Tax, Trivandrum
- Court
- Supreme Court of India
- Citation
- 2008 INSC 478 · [2008] 6 S.C.R. 211
- Case number
- CIVIL APPEAL No. 5420/2002
- Decided
- 10 April 2008
- Bench
- ASHOK BHAN, DALVEER BHANDARI (2-judge bench)
- Outcome
- Appeal(s) allowed
- Case type
- Civil
- Acts & sections cited
- Companies Act Section 115J; Income Tax Act Section 115J
Headnote
Income Tax Act, 1961 - s.115J: A B Assessment Years 1988-89 and 1989-90 - Company consistently charging depreciation in its books of account at C rates prescribed in the Income-tax Rules - Whether in respect of such a company, the Income Tax Officer has jurisdiction under s.115J of the rework net profits by substituting the rates prescribed in Schedule XIV of the Companies Act, 1956 - Held: The Assessing Officer does not D have jurisdiction to go behind the net profit shown in the profit and loss account except to the extent provided in the Explanation to s. 115J - Companies
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