https://www.taxtmi.com/caselaws?id=70424 The Tribunal ruled in favor of the assessee, concluding that no profit was liable to tax under section 115J for the assessment year 1988-89. The Tribunal held that the Assessing Officer's interpretation, which excluded depreciation from the calculation of loss, was incorrect. The Tribunal emphasized that loss should include depreciation for deduction from net profit, contrary to Circular No. 495 issued by the CBDT. Consequently, the appeal was allowed, and the tax assessment under section 115J was deemed unjustified for that assessment year. en-us Mon, 26 Aug 1991 00:00:00 +0530 Sat, 16 Apr 2011 10:48:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=70424 The Tribunal ruled in favor of the assessee, concluding that no profit was liable to tax under section 115J for the assessment year 1988-89. The Tribunal held that the Assessing Officer's interpretation, which excluded depreciation from the calculation of loss, was incorrect. The Tribunal emphasized that loss should include depreciation for deduction from net profit, contrary to Circular No. 495 issued by the CBDT. Consequently, the appeal was allowed, and the tax assessment under section 115J was deemed unjustified for that assessment year. Case-Laws Income Tax Mon, 26 Aug 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=70424