https://www.taxtmi.com/caselaws?id=66229 For book profit computation under section 115J, depreciation arising only from revaluation of assets was not treated as a mandatory charge to profits where company law permitted adjustment against the revaluation reserve; the additional depreciation claim was therefore disallowed. By contrast, unabsorbed depreciation was held to form part of the loss available for statutory adjustment, following Surana Steels, and was allowed as a reduction from book profit. The note thus draws a distinction between revaluation-driven depreciation, which cannot reduce book profit in that setting, and unabsorbed depreciation, which can be deducted while computing book profit under section 115J. 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 For book profit computation under section 115J, depreciation arising only from revaluation of assets was not treated as a mandatory charge to profits where company law permitted adjustment against the revaluation reserve; the additional depreciation claim was therefore disallowed. By contrast, unabsorbed depreciation was held to form part of the loss available for statutory adjustment, following Surana Steels, and was allowed as a reduction from book profit. The note thus draws a distinction between revaluation-driven depreciation, which cannot reduce book profit in that setting, and unabsorbed depreciation, which can be deducted while computing book profit under section 115J. Case-Laws Income Tax Tue, 22 Jun 1999 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=66229