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Judgment
P. P. Naolekar, C.J.—The Income Tax Tribunal, in its order, dated 21.2.2001, passed in ITA No. 53(Gau)/1993 and 396 (Gau) of 1993, for the assessment years 1988-89 and 1989-90, gave direction which reads as under :
"We are in agreement with the learned CIT (A) that the computation of income u/s 115J is required to be done totally on the basis of book figures and has got nothing to do with the Income Tax assessment."
The Revenue, being aggrieved, by the direction quoted above, has approached this Court seeking clarification that the direction given by the Income Tax Tribunal could be read as if the entire provision of Section 115J of the Income Tax Act, 1961 has no application and it shall only be decided on the basis of book figures of the present year.
Having considered the submission, we are of the view that the direction given by the Tribunal has to be interpreted and read, to arrive at the profit of the assessment year, if any, in accordance with Section 115J of the Income Tax Act, 1961.
The appeal shall stand disposed of. Record of the case be sent back immediately.