Dismissing the appeal of the revenue the Tribunal held that ;provisions for computing book profits is not applicable to Assessee company, engaged in the business of generation and distribution of electricity, who is required to prepare its books of account under the State Legislation and not as per the provisions of relevant Companies Act, 1956. (AY. 2009-10 2010-11)
ACIT v. India Power Corporation Ltd (2018) 63 ITR 42 (SN) (Kol.)(Trib.)
S.115JB : Book profits-Provisions for computing book profits
is not applicable to Assessee company, engaged in the business of generation and distribution of electricity, who is required to prepare its books of account under the State Legislation and not as per the provisions of relevant Companies Act, 1956.