https://www.taxtmi.com/caselaws?id=66537 The appeal was dismissed, upholding the order of the CIT (Appeals) regarding the computation of book profit u/s 115J for the assessment year 1989-90. The Tribunal affirmed that unabsorbed depreciation should not be fully set off against the current year's profit, emphasizing the distinct treatment of "loss" and "depreciation" under the relevant sections. The Tribunal interpreted the legislative intent behind section 115J strictly, aiming to ensure profitable companies pay a minimum tax. The additional ground challenging the ITO's power was not admitted as it was deemed academic and not raised in prior stages of the appeal process. en-us Mon, 23 Mar 1992 00:00:00 +0530 Sat, 26 Feb 2011 13:36:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=66537 The appeal was dismissed, upholding the order of the CIT (Appeals) regarding the computation of book profit u/s 115J for the assessment year 1989-90. The Tribunal affirmed that unabsorbed depreciation should not be fully set off against the current year's profit, emphasizing the distinct treatment of "loss" and "depreciation" under the relevant sections. The Tribunal interpreted the legislative intent behind section 115J strictly, aiming to ensure profitable companies pay a minimum tax. The additional ground challenging the ITO's power was not admitted as it was deemed academic and not raised in prior stages of the appeal process. Case-Laws Income Tax Mon, 23 Mar 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=66537