Validity of Approval for Reopening by CIT for wrong application of Law by AO

ITO Vs Krish Homes Private Limited (ITAT Jaipur) In point no. (c) of the reasons so recorded, the Assessing officer has stated that “While computing ‘book profit’ u/s 115JB, the assessee has reduced the amount of Rs. 13,98,46,990/-, which was credited in P&L account as “Capital Gain from sale of Agricultural Land”. The claim of the assessee was allowed by the AO.” Therefore, the fact that there was gain on sale of agriculture land amounting to Rs 13,98,46,990, the fact that the such gains were credited by the assessee company in its profit/loss account and the fact that the ass...