https://www.taxtmi.com/caselaws?id=69612 The Tribunal set aside the lower authorities' orders and directed the Assessing Officer not to apply Section 115J in recomputing the assessee's income. The appeal was allowed, confirming that unabsorbed depreciation should be set off against the current profit, leading to a nil adjusted book profit and total income. The decision was based on legislative intent, the Finance Minister's assurance, and statutory interpretation principles, emphasizing the allowance of set-offs in determining book profits for tax purposes. en-us Thu, 25 Nov 1993 00:00:00 +0530 Mon, 11 Apr 2011 10:33:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=69612 The Tribunal set aside the lower authorities' orders and directed the Assessing Officer not to apply Section 115J in recomputing the assessee's income. The appeal was allowed, confirming that unabsorbed depreciation should be set off against the current profit, leading to a nil adjusted book profit and total income. The decision was based on legislative intent, the Finance Minister's assurance, and statutory interpretation principles, emphasizing the allowance of set-offs in determining book profits for tax purposes. Case-Laws Income Tax Thu, 25 Nov 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=69612