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2007 (4) TMI 238 - HC - Income TaxWhether Tribunal was justified in holding that ‘loss’ mentioned in clause (b) of the first proviso of Sec. 205(1) of Companies Act, read with section 115J of the Income-tax Act does not include ‘unabsorbed depreciation’ – Held, no - Tribunal is wrong in refusing to take into account unabsorbed depreciation while working out the book profit - Tribunal has also committed error by holding that the loss cannot be taken into consideration after providing for depreciation – assessee’s appeal allowed
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