https://www.taxtmi.com/caselaws?id=61831 ITAT Cochin held that for section 115J, "book profit" must be adopted as per the audited profit and loss account prepared in accordance with Parts II and III of Schedule VI to the Companies Act, including arrears of depreciation written off, and the AO has no jurisdiction to recast or substitute such book profit except for the specific adjustments permitted in section 115J. The Tribunal further held that unabsorbed depreciation, being on the same footing as current depreciation, can be carried forward without time limit and set off not only against profits of the same business but also against other business income and income under other heads, including dividend income assessed as "other sources." en-us Wed, 29 Jul 1992 00:00:00 +0530 Wed, 10 Dec 2025 20:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=61831 ITAT Cochin held that for section 115J, "book profit" must be adopted as per the audited profit and loss account prepared in accordance with Parts II and III of Schedule VI to the Companies Act, including arrears of depreciation written off, and the AO has no jurisdiction to recast or substitute such book profit except for the specific adjustments permitted in section 115J. The Tribunal further held that unabsorbed depreciation, being on the same footing as current depreciation, can be carried forward without time limit and set off not only against profits of the same business but also against other business income and income under other heads, including dividend income assessed as "other sources." Case-Laws Income Tax Wed, 29 Jul 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=61831