https://www.taxtmi.com/caselaws?id=70652 Section 115J adopts the Companies Act computation by legal fiction, so book profit must be determined under that framework rather than a narrow income-tax approach. In that setting, the word "loss" in the incorporated provision includes depreciation, because commercial profit or loss is ascertained only after providing for depreciation and unabsorbed depreciation forms part of loss. The deduction is therefore computed by comparing loss inclusive of depreciation with depreciation and taking the lower amount. The assessee is entitled to that treatment on this issue. 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 Section 115J adopts the Companies Act computation by legal fiction, so book profit must be determined under that framework rather than a narrow income-tax approach. In that setting, the word "loss" in the incorporated provision includes depreciation, because commercial profit or loss is ascertained only after providing for depreciation and unabsorbed depreciation forms part of loss. The deduction is therefore computed by comparing loss inclusive of depreciation with depreciation and taking the lower amount. The assessee is entitled to that treatment on this issue. Case-Laws Income Tax Mon, 15 Jun 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=70652