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of <h1>CBDT Circular: Correct Errors in Asset Depreciation and Profit Computation under Income Tax Act, 1961, Section 41(2.</h1> The circular from the Central Board of Direct Taxes (CBDT) addresses errors in income computation related to asset depreciation under the Income Tax Act, 1961. It highlights mistakes identified by the Comptroller and Auditor General, such as allowing depreciation beyond the asset's cost and incorrect profit computation under Section 41(2). The circular emphasizes adherence to statutory provisions, ensuring depreciation does not exceed actual asset cost, and correct profit calculation methods. It instructs officers to maintain accurate depreciation records, review past cases for irregularities, and report compliance by August 30, 1973, to prevent revenue loss.
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