M/S.APOLLO TYRES LTD. vs C.I.T., KOCHI,KERALA

The Supreme Court examined whether an Assessing Officer can question the correctness of a profit and loss account certified by statutory auditors under Section 115-J of the Income Tax Act. The court also addressed the treatment of dividend income from Unit Trust of India (UTI) units under Section 32AB and whether trading in UTI units constitutes a speculation business. The ruling clarifies the scope of the Assessing Officer's power to interfere with accounts prepared in accordance with the Companies Act.