Case Law Details
Case Name : DCIT Vs Railtel Corporation Of India Ltd. (ITAT Delhi)
Related Assessment Year : 2014-15
Courts :
All ITAT ITAT Delhi
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DCIT Vs Railtel Corporation Of India Ltd. (ITAT Delhi)
On perusal of the audit report of the Assessee-company, we observe that the Independent Statutory Auditor has expressed ‘qualified’ opinion on the financial statement and one of the qualifications relates to claim of loss on revaluation of assets in question. The qualification of Auditor has the effect of stating that book profits declared by the Assessee do not bear the trappings of true and fair expression of ‘statement of profit and loss’. This being so, it cannot be said that book profits disclosed in the financial statement is...
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