Section 115J not authorizes AO to go beyond audited financial statement: SC

Apollo Tyres Ltd. Vs CIT (Supreme Court of India) The case of Apollo Tyres Ltd. vs. CIT before the Supreme Court of India involved three key tax-related questions. The primary issue was whether an assessing officer could question the correctness of a company’s profit and loss account prepared under the Companies Act while assessing tax under Section 115-J of the Income Tax Act. The assessee company had provided for arrears of depreciation, which the Revenue argued was inconsistent with the Companies Act, leading the assessing officer to recompute the company’s profit. The tribunal ...