https://www.taxtmi.com/caselaws?id=66229 Section 115J book-profit computation excludes additional depreciation arising solely from asset revaluation where revaluation is optional and company law permits the corresponding charge to be adjusted against revaluation reserve. Charging such enhanced depreciation to the profit and loss account would distort annual profit for minimum alternate tax purposes. Unabsorbed depreciation forms part of the loss available for reduction from book profit under section 115J, consistent with the principle applied in Surana Steels. Accordingly, revaluation-based additional depreciation is not deductible, whereas unabsorbed depreciation may be adjusted against book profit. en-us Tue, 22 Jun 1999 00:00:00 +0530 Tue, 22 Feb 2011 17:12:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=66229 Section 115J book-profit computation excludes additional depreciation arising solely from asset revaluation where revaluation is optional and company law permits the corresponding charge to be adjusted against revaluation reserve. Charging such enhanced depreciation to the profit and loss account would distort annual profit for minimum alternate tax purposes. Unabsorbed depreciation forms part of the loss available for reduction from book profit under section 115J, consistent with the principle applied in Surana Steels. Accordingly, revaluation-based additional depreciation is not deductible, whereas unabsorbed depreciation may be adjusted against book profit. Case-Laws Income Tax Tue, 22 Jun 1999 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=66229