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2011 (8) TMI 352 - HC - Income TaxMAT - Adjustment to book profit u/s 115J - determination of book profit - held that:the assessing officer while computing the income under Section 115-J has only the power of examining whether the books of account are certified by the authorities under the Companies Act as having been properly maintained in accordance with the Companies Act. The assessing officer thereafter has the limited power of making increases and reductions as provided for in the Explanation to the said section. Whether the amount of depreciation being less than the amount of loss, should be required to be set off, in terms of Clause (iv) of the Explanation to Section 115J of the Act - Supreme Court in the case of Surana Steels Pvt. Ltd vs. Deputy Commissioner of Income-tax and others, reported in (1999 -TMI - 5744 - SUPREME Court) has in this connection laid down the meaning of the word "loss" as used in the provisions of the Companies Act and has held that "loss" includes depreciation - Once loss is held to be arrived at after taking into account depreciation, there is no scope of disputing the contention of Dr. Pal, the learned senior counsel appearing for the appellant that the amount of depreciation of Rs. 13,85,66,473/- is to be set off in terms of clause (iv) of the Explanation to Section 115 J of the Act - Decided in favor of the assessee
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