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2013 (12) TMI 200 - HC - Income TaxDetermination of accumulated profits - Deemed dividend - Whether depreciation is allowable while computing taxable income - Held that:- Following Commissioner of Income Tax vs. Jamnadas Khimji Kothari [1972 (10) TMI 24 - BOMBAY High Court] - The depreciation arising from the wear and tear of the business assets is a first charge on profits, without deducting which it is not possible to arrive at a profit in a year - The normal depreciation as provided under the Income Tax Act and not as per the Companies Act, has to be taken into consideration while computing the Income Tax of an assessee - Decided against Revenue.
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