Dismissing the appeal of the Revenue the Court held that since assessee was governed and ruled by different Acts and Rules, it was not required to prepare its profit and loss account and balance sheet as per Parts II and III of Schedule VI of Companies Act; hence, provisions of section 115JB could not be invoked. Order of Tribunal affirmed. (AY. 2010-11)
PCIT v. Atria Power Corporation Ltd. (2022) 138 taxmann.com 270 (Karn.)(HC) Editorial : SLP granted to Revenue; PCIT v. Atria Power Corporation Ltd. (2022) 286 Taxman 636 (SC)
S. 115JB : Book profit-Electricity Company-Company engaged in generation and supply of electricity-Not required to prepare its profit and loss account and balance sheet as per Parts II and III of Schedule VI of Companies Act-Provision of book profit not applicable.