|DATE:||(Date of pronouncement)|
|DATE:||April 18, 2008 (Date of publication)|
The AO has no jurisdiction u/s 115J of the Act to go behind the Profit & loss account of the assessee and to make adjustments therein beyond what is expressly provided in s. 115J. An assessee is entitled to provide for depreciation in its books at rates which are higher than the rates specified in Schedule XIV to the Companies Act.
Note: The judgement of the Kerala High Court in 253 ITR 378 was reversed.