https://www.taxtmi.com/caselaws?id=70652 The Appellate Tribunal ITAT MADRAS-D allowed the appeal, directing the Assessing Officer to consider the loss inclusive of depreciation while reworking the profit in accordance with section 115J of the IT Act. The Tribunal interpreted the term "loss" in alignment with the Companies Act provisions, clarifying the methodology for computing income under section 115J and emphasizing the inclusion of depreciation in determining taxable profits. The decision aimed to ensure consistency and adherence to legal precedents, resolving the issues surrounding income computation under section 115J of the IT Act. en-us Mon, 15 Jun 1998 00:00:00 +0530 Mon, 18 Apr 2011 13:11:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=70652 The Appellate Tribunal ITAT MADRAS-D allowed the appeal, directing the Assessing Officer to consider the loss inclusive of depreciation while reworking the profit in accordance with section 115J of the IT Act. The Tribunal interpreted the term "loss" in alignment with the Companies Act provisions, clarifying the methodology for computing income under section 115J and emphasizing the inclusion of depreciation in determining taxable profits. The decision aimed to ensure consistency and adherence to legal precedents, resolving the issues surrounding income computation under section 115J of the IT Act. Case-Laws Income Tax Mon, 15 Jun 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=70652