1999 (4) TMI 5 - SC - Income Tax

Book Profits - Held that term "loss" as appearing in section 205(1), first proviso, clause (b), of the Companies Act, 1956, read with section 115J of the Income-tax Act, 1961, means "including depreciation" - held that the word "loss" signifies the amount arrived at after taking into account the amount of depreciation and it has to be so read and understood in the context of section 115J of the Income-tax Act, 1961.