Assessing Officer made adjustments to book profit under section 115JB for assessment years 2011-12 and 2012-13 based on revaluation of lands. He invoked clause (J) of Explanation 1 to section 115JB(2), contending that increased land value should be added to book profit for tax calculation purposes. On appeal, Commissioner (Appeals) deleted addition, stating that revaluation reserve could not be reversed while computing book profit under section 115JB, and none of adjustments provided in Explanation to section 115JB applied.  No revaluation reserve had been created in hands of assessee-company due to disposal or retirement of any asset and therefore, no adjustment was deemed necessary under section 115JB. On appeal the Tribunal held that   clause (J) in Explanation 1 to section 115JB(2), would be applicable from assessment year 2013-14 onwards only and Assessing Officer was not correct in invoking clause (J) of Explanation 1 and making adjustments in book profits on account of revaluation of lands in profit and loss account for assessment years 2011-12 and 2012-13. Further lands after revaluation, at revised value were transferred to companies which later merged to present assessee-company and assessee had followed Accounting Standard-14 as applicable to it under pooling of interests method and therefore, adjustments made by Assessing Officer in book profit was not in accordance with law and rightly deleted by Commissioner (Appeals). (AY, 2011-12 , 2012-13)