Held that the assessee had declared its book profits in its profit and loss account and offered them to taxation under the Act for the purpose of computation of income under normal provisions as well as to determine the book profits under section 115JB of the Act. Under the Companies Act, the assessee has to submit the consolidated financial statements of the assessee-company where the assessee has stepdown subsidiaries and associate companies. Accordingly, the assessee had submitted with its financial statements, a consolidated financial statements of the group company being a holding company and its subsidiaries and associates. The stepdown subsidiaries and other associate companies were independent assessees in the eyes of law and they had declared their financial statements and profits independently and filed returns of income. The profit and loss declared by the subsidiaries and associate companies could not be assessed to tax in the hands of the assessee a second time. The observation of the Principal Commissioner to reassess the profits declared by the subsidiaries and other associates in the hands of the assessee was not proper. He had merely remitted the issue back to the file of the Assessing Officer to redo the assessment without giving a finding that the profits declared by the assessee were erroneous in so far as it was prejudicial to the interests of the Revenue. Revision order is set aside. (AY.2018-19)