https://www.taxtmi.com/caselaws?id=120504 The revenue's appeal was dismissed by the Tribunal on both issues. First, the Tribunal upheld the CIT(A)'s decision to delete the disallowance of depreciation on pre-operative expenses, agreeing that such expenses can be capitalized and are eligible for depreciation. Second, the Tribunal supported the CIT(A)'s ruling on the computation of book profit under section 115JB, affirming that the income credited to the Profit & Loss Account should be considered for deduction, not the amount determined by the Assessing Officer. The Tribunal's decisions were consistent with judicial precedents and interpretations of the Income-tax Act. en-us Fri, 13 Jun 2008 00:00:00 +0530 Sun, 10 Dec 2023 19:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=120504 The revenue's appeal was dismissed by the Tribunal on both issues. First, the Tribunal upheld the CIT(A)'s decision to delete the disallowance of depreciation on pre-operative expenses, agreeing that such expenses can be capitalized and are eligible for depreciation. Second, the Tribunal supported the CIT(A)'s ruling on the computation of book profit under section 115JB, affirming that the income credited to the Profit & Loss Account should be considered for deduction, not the amount determined by the Assessing Officer. The Tribunal's decisions were consistent with judicial precedents and interpretations of the Income-tax Act. Case-Laws Income Tax Fri, 13 Jun 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=120504