In this case the court held that as the assessee had paid tax on book profit under section 115JB and by adding amount calculated by AO towards escaped income to amount computed under ordinary provisions of Act aggregate amount would be less than said amount of tax paid by assessee, question of any income having escaped would not arise and, therefore, impugned reassessment notice is unjustified.(AY.2014-15, 2015-2016, 2016-17)
Adani Wilmar Ltd. v. ACIT (2024) 301 Taxman 84 (Guj.)(HC)
S.147: Reassessment-After the expiry of four years-Bogus bills-Accommodation entries-Book profit-Adding the amount calculated by Assessing Officer towards escaped income amount computed under ordinary provision of Act amounted would be less than the amount paid as per book profit-Notice and order disposing the objection is quashed. [S.115JB,143(3), 148, Art. 226]