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2010 (4) TMI 238 - HC - Income TaxBook profit- Depreciation- The assessee filed a return declaring loss of Rs. 2,27,31,201 and income under section 115J of the Act amounting to Rs. 1,60,00,606. However, the return was revised declaring a loss of Rs. 3,99,31,911 and income u/s 115J of the Act “nil”. The Assessing Officer, however computed profit under section 115J of the Act at Rs. 4,10,60,334. The Assessing Officer did not accept the contention that depreciation could be provided as per the Schedule XIV to the Companies Act, 1956, and ignored the revised return where the revised computation of profit u/s 115J of the Act was given. The Commissioner (Appeals) upheld the view taken by the Assessing Officer and the Tribunal decided the issue in favour of the assessee. Thus the revenue filed the appeal. Held that- the appeal and allowing the applications, that if in respect of assessment year 1990-91 the Revenue had accepted the order of the Commissioner (Appeals) then it followed that in respect of the earlier year the same principle would apply. once the revenue had accepted the view of the Commissioner (Appeals) in respect of the assessment year 1990-91 then it was not open to the revenue to challenge the similar finding and deviate from its earlier stand. Even on the merits the question of law appear to be covered in favour of the assessee and against the revenue.
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