https://www.taxtmi.com/caselaws?id=69916 Depreciation allowable under the Income-tax Act must be deducted when computing accumulated profits for deemed dividend under section 2(22)(e). The provision was treated as pari materia with the corresponding 1922 Act clause, so earlier authorities remained relevant. Accumulated profits were construed as commercial profits, but only after allowing normal depreciation at the prescribed rates. On that basis, depreciation was held deductible in determining whether deemed dividend arose, and the addition was deleted. en-us Fri, 05 Sep 2008 00:00:00 +0530 Sat, 02 Dec 2023 13:06:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=69916 Depreciation allowable under the Income-tax Act must be deducted when computing accumulated profits for deemed dividend under section 2(22)(e). The provision was treated as pari materia with the corresponding 1922 Act clause, so earlier authorities remained relevant. Accumulated profits were construed as commercial profits, but only after allowing normal depreciation at the prescribed rates. On that basis, depreciation was held deductible in determining whether deemed dividend arose, and the addition was deleted. Case-Laws Income Tax Fri, 05 Sep 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=69916