ROC judiciary-2

Even capital profits have to be added to “book profits” for S.115JB

DCIT Vs M/s. Bombay Diamond Co. Ltd. (ITAT Mumbai)

The assessee earned a capital profit of Rs. 10.38 crores on sale of rights to immovable property. The said profit was directly credited to the capital reserves in the balance sheet instead of being routed through the Profit & loss account. The accounts of the assessee company were duly certified by the auditors and were also adopted in th...

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