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2008 (7) TMI 325 - HC - Income TaxDepreciation - AO while reworking the profit of the company for the purposes of section 115J, added depreciation – held that, for the purposes of s. 115J, only those adjustments, which are specified in the Explanation to the section 115J, can be made from the book profits and depreciation not being one of them and further that the accounts of the company having been prepared in accordance with the Schedule VI to the Companies Act, the AO was in error in disallowing the depreciation as claimed by the Company -AO does not have the jurisdiction to go beyond the net profit shown in the P/L account except to the limited extent provided in the Expl. to section 115J
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