<h1>Depreciation under MAT: whether Companies Act rates constrain book profit computation or auditors' figures prevail.</h1> Whether depreciation for computing Book Profit under MAT is governed by Companies Act rates or may reflect higher audited amounts is contested. Earlier rulings held that when depreciation debited in audited profit and loss accounts is certified by auditors, the Assessing Officer may only make specified explanatory adjustments and cannot recalculate depreciation using Company Act rates. A later bench found that precedent incorrect and referred the issue to a Larger Bench to decide whether Companies Act rates are minimum, whether taxpayers may claim higher depreciation for book profit, and whether an AO can substitute Company Act rates despite audited accounts.