https://www.taxtmi.com/caselaws?id=219953 The High Court upheld the Tribunal's decision, ruling in favor of the respondent-assessee on both issues. The Tribunal's allowance of depreciation on revalued assets was deemed justified as the effect was neutralized by transferring an equivalent amount from the revaluation reserve to the profit and loss account. Additionally, the reduction of Rs. 17,26,809/- from the revaluation reserve was upheld, preventing double addition. The Court found no error in law, affirming that the prescribed accounting method ensures book profits are not diminished, providing no undue advantage to companies, including those subject to minimum alternate tax. en-us Thu, 08 Nov 2012 00:00:00 +0530 Thu, 03 Jan 2013 10:04:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=219953 The High Court upheld the Tribunal's decision, ruling in favor of the respondent-assessee on both issues. The Tribunal's allowance of depreciation on revalued assets was deemed justified as the effect was neutralized by transferring an equivalent amount from the revaluation reserve to the profit and loss account. Additionally, the reduction of Rs. 17,26,809/- from the revaluation reserve was upheld, preventing double addition. The Court found no error in law, affirming that the prescribed accounting method ensures book profits are not diminished, providing no undue advantage to companies, including those subject to minimum alternate tax. Case-Laws Income Tax Thu, 08 Nov 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=219953