https://www.taxtmi.com/caselaws?id=240535 The court clarified that for assessing taxable income, depreciation should be considered as per the provisions of the Income Tax Act, not the Companies Act. The judgment emphasized that profits carried to reserve do not cease to be profits unless capitalized, and depreciation under the Income Tax Act is crucial for arriving at the profit in a year. The court held that the Assessing Authority must follow the depreciation guidelines outlined in the Income Tax Act for computing taxable income, dismissing the appeal and affirming that the Companies Act's depreciation provisions are not applicable. en-us Thu, 28 Nov 2013 00:00:00 +0530 Fri, 06 Dec 2013 12:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=240535 The court clarified that for assessing taxable income, depreciation should be considered as per the provisions of the Income Tax Act, not the Companies Act. The judgment emphasized that profits carried to reserve do not cease to be profits unless capitalized, and depreciation under the Income Tax Act is crucial for arriving at the profit in a year. The court held that the Assessing Authority must follow the depreciation guidelines outlined in the Income Tax Act for computing taxable income, dismissing the appeal and affirming that the Companies Act's depreciation provisions are not applicable. Case-Laws Income Tax Thu, 28 Nov 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=240535