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2016 (11) TMI 1364 - ALLAHABAD HIGH COURT

2016 (11) TMI 1364 - ALLAHABAD HIGH COURT - TMI - Permission to enhance the depreciation by revaluation of the assets upwards - whether assessee company has shown high depreciation in the Profit & Loss A/c during the year under consideration and defeated the provisions of Section 115J? - Held that:- As decided in Commissioner of Income Tax-II Kanpur Vs. M/S. J.K. Synthetics Ltd. Kamla Tower Kanpur [2015 (10) TMI 397 - ALLAHABAD HIGH COURT] following the decision of the Supreme Court in Apollo Ty .....

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Section 115J does not empower AO to embark upon a fresh inquiry in regard to the entries made in the books of account of the company. The Supreme Court has categorically held in Apollo Tyres (Supra) that there cannot be two incomes, one for the purpose of the Companies Act and another for the purpose of income-tax. - Income Tax Appeal No. 103 of 2016 - Dated:- 18-4-2016 - Hon'ble Dilip Gupta And Hon'ble Ravindra Nath Kakkar, JJ. For the Appellant : Shubham Agrawal ORDER This appeal has .....

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ss A/c during the year under consideration and defeated the provisions of Section 115J of the Act? 2. Whether the assessee can be permitted to enhance the depreciation by revaluation of the assets upwards and thereby reducing its income. It has been pointed out by Sri Shubham Agrawal, learned counsel for the appellant and Sri R.S. Agrawal, learned counsel appearing for the respondents that the same questions of law were framed in Income Tax Appeal No.451 of 2009 Commissioner of Income Tax-II Kan .....

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