https://www.taxtmi.com/caselaws?id=77141 The case involved a dispute regarding the allowability of depreciation on revaluation amounts under section 115J of the Income-tax Act, 1961. The Supreme Court upheld the Tribunal's decision in favor of the assessee, ruling that the Assessing Officer's jurisdiction is limited to ensuring compliance with the Companies Act and making adjustments as per the Explanation to section 115J. The Court found the depreciation claimed on revaluation amounts to be reasonable and in line with accounting norms, ultimately dismissing the appeal and affirming the Tribunal's order. en-us Tue, 14 Jul 2009 00:00:00 +0530 Sat, 02 Feb 2013 10:25:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=77141 The case involved a dispute regarding the allowability of depreciation on revaluation amounts under section 115J of the Income-tax Act, 1961. The Supreme Court upheld the Tribunal's decision in favor of the assessee, ruling that the Assessing Officer's jurisdiction is limited to ensuring compliance with the Companies Act and making adjustments as per the Explanation to section 115J. The Court found the depreciation claimed on revaluation amounts to be reasonable and in line with accounting norms, ultimately dismissing the appeal and affirming the Tribunal's order. Case-Laws Income Tax Tue, 14 Jul 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=77141