Apollo Tyres Ltd. vs Commissioner Of Income Tax, Kochi

The Supreme Court examined the powers of an Assessing Officer under Section 115-J of the Income Tax Act to challenge profit and loss accounts certified by statutory auditors under the Companies Act. The Court also addressed whether dividend income from Unit Trust of India (UTI) units qualifies as profit of an eligible business under Section 32AB and whether trading in UTI units constitutes a speculation business. The ruling clarifies the scope of judicial/administrative review over certified corporate accounts and the nature of investment income for tax purposes.