https://www.taxtmi.com/caselaws?id=206238 The High Court held that the Tribunal erred in law by not correctly appreciating the provisions of Section 115J of the Income-tax Act. It determined that the amount of depreciation should be set off in accordance with Clause (iv) of the Explanation to Section 115J, following Supreme Court precedents. The court set aside the Tribunal's order, reinstated the decision of the CIT (Appeals), and allowed the appeal in favor of the assessee, with no costs awarded. The judgment stressed adherence to statutory provisions and Supreme Court rulings in interpreting and applying Section 115J. en-us Fri, 12 Aug 2011 00:00:00 +0530 Fri, 14 Dec 2012 17:44:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=206238 The High Court held that the Tribunal erred in law by not correctly appreciating the provisions of Section 115J of the Income-tax Act. It determined that the amount of depreciation should be set off in accordance with Clause (iv) of the Explanation to Section 115J, following Supreme Court precedents. The court set aside the Tribunal's order, reinstated the decision of the CIT (Appeals), and allowed the appeal in favor of the assessee, with no costs awarded. The judgment stressed adherence to statutory provisions and Supreme Court rulings in interpreting and applying Section 115J. Case-Laws Income Tax Fri, 12 Aug 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=206238