https://www.taxtmi.com/caselaws?id=65898 The Tribunal concluded that the deduction of unabsorbed depreciation was permissible while computing book profits under Section 115J of the Income-tax Act, 1961. The provisions of Section 205(1)(b) of the Companies Act, 1956 were to be interpreted in light of legislative intent, allowing for the set-off of past losses or unabsorbed depreciation. The Tribunal sided with the assessees, setting aside the revisions by the Commissioner of Income-tax and affirming the Assessing Officer's original computation. en-us Thu, 04 Feb 1993 00:00:00 +0530 Wed, 11 Mar 2015 16:01:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=65898 The Tribunal concluded that the deduction of unabsorbed depreciation was permissible while computing book profits under Section 115J of the Income-tax Act, 1961. The provisions of Section 205(1)(b) of the Companies Act, 1956 were to be interpreted in light of legislative intent, allowing for the set-off of past losses or unabsorbed depreciation. The Tribunal sided with the assessees, setting aside the revisions by the Commissioner of Income-tax and affirming the Assessing Officer's original computation. Case-Laws Income Tax Thu, 04 Feb 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=65898