Failure of AO to consider book profit provisions renders assessment erroneous

ITAT Chennai Southern Petrochemical Industries Corporation Ltd. Vs   The Joint Commissioner of Income Tax I.T.A. No. 2292/Mds/2008 Assessment Year : 2004- 05 O R D E R PER ABRAHAM P. GEORGE, ACCOUNTANT MEMBER : Assessment dispute: ITAT Chennai ruling on book profit computation, bad debts provision, and disputed tax liabilities under Section 115JB. In this appeal, assessee assails the assumption of jurisdiction by CIT, under Section 263 of the Income-tax Act, 1961 (hereinafter called “the Act”), considering the assessment order dated 19.12.2006 for the impugned assessment year as ...