COMMISSIONER OF INCOME TAX Vs. ISPAT INDUSTRIES LTD.

JUDGEMENT

(1.) We have perused the application filed for condonation of delay. We are satisfied with the grounds mentioned therein. Hence delay is condoned and the application being GA No. 2819 of 2007 is allowed.

(2.) We have heard learned Counsel for the parties. We have also perused the order passed by the learned Tribunal. The question arose whether the deletion as made by the Commissioner (Appeal) is correct in the facts and circumstances of the case. All the questions which were raised before the Tribunal were duly dealt with by the learned Tribunal extensively and the reasons were given by the learned Tribunal after taking into consideration the decision" of the Hon'ble Apex Court in Apollo Tyres Ltd. v/s. CIT, (2002) 295 ITR 273. The learned Tribunal also relied upon the said decision in particular with regard to computation of book profit for the purpose of Sec. 115J and the following observation has been made:

(3.) Accordingly, it appears that the learned Tribunal correctly held that the assessing officer has to accept the authenticity of the account maintained in accordance with the provisions of the Companies Act in particular Part II and Part III of Sch. VI to the said Act which are specifically certified by the auditors and approved by the company in the annual general meeting.