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2008 (12) TMI 20 - HC - Income TaxWhether the Tribunal was correct in law in allowing depreciation in computation of book profits u/s 115J, even though it was not debited in the P/L account – held, yes - if unabsorbed depreciation can be reduced from ‘net profit’ to arrive at book profit we see no reason why current year’s depreciation even though, not charged, to the profit and loss account though disclosed in the notes appended to the accounts cannot be deducted from the ‘net profit’ in determining ‘book profit’ u/s 115J
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