Revision based on wrong premise of CIT not sustainable

Brief of the Case Calcutta High Court held In the case of CIT vs. Binani Cement Ltd. that AS-13 – Accounting of Investment issued by the ICAI provides for recognition of the profit or loss arising out of investment in the profit and loss account. The disclosure made in the financial statements is in pursuance of the requirement of Accounting Standard and is also in pursuance of Schedule VI to the Companies Act, 1956 which is not to be construed as any qualification indicating any inaccuracy in the accounts. There was, thus no mistake on the part of the assessee in debiting the loss on a...