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2003 (1) TMI 47 - HC - Income Tax"1. Whether in view of specific definition of the expression 'book profit' given in Explanation to section 115J(1) of the Income-tax Act, it is permissible for the Assessing Officer to make adjustments to the book profit beyond those authorised by the definition and to recast the profit and loss account? - 2. Whether, on the facts and in the circumstances of the case, the Depart mental authorities and the Tribunal were justified in rejecting the amount of depreciation actually debited to the profit and loss account admittedly pre pared in accordance with Parts II and III of Schedule VI to the Companies Act, 1956, and in holding that the assessee ought to have provided depreciation on the same basis as adopted in the earlier years?" - we answer both the questions in the negative and in favour of the assessee.
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