On 2 May 2002, the Supreme Court held that once a company's profit and loss account has been prepared in accordance with Parts II and III of Schedule VI to the Companies Act 1956, certified by the statutory auditors, and adopted in the company's general meeting, the Assessing Officer has no jurisdiction under Section 115J of the Income-tax Act 1961 to re-scrutinise or recompute the book profits so shown — the AO's power is confined to the adjustments expressly listed in the Explanation to Section 115J. The judgment founded the modern Minimum Alternate Tax jurisprudence and continues to govern MAT disputes under the section's successors, Section 115JA and Section 115JB.