https://www.taxtmi.com/caselaws?id=77137 The Supreme Court addressed the accounting treatment of Advance Against Depreciation (AAD) for the assessment year 2001-02. The court held that AAD was not a reserve but an income received in advance, meant for adjusting future depreciation and reducing tariffs. Since AAD was not debited to the profit and loss account and did not meet the criteria for being considered a reserve under section 115JB of the Income-tax Act, the court ruled in favor of the assessee, setting aside the Authority for Advance Rulings' decision. en-us Tue, 05 Jan 2010 00:00:00 +0530 Fri, 24 Mar 2017 15:33:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=77137 The Supreme Court addressed the accounting treatment of Advance Against Depreciation (AAD) for the assessment year 2001-02. The court held that AAD was not a reserve but an income received in advance, meant for adjusting future depreciation and reducing tariffs. Since AAD was not debited to the profit and loss account and did not meet the criteria for being considered a reserve under section 115JB of the Income-tax Act, the court ruled in favor of the assessee, setting aside the Authority for Advance Rulings' decision. Case-Laws Income Tax Tue, 05 Jan 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=77137