https://www.taxtmi.com/caselaws?id=241948 The Supreme Court settled the dispute in favor of the assessee, ruling that the deductions claimed under section 80 HHC for computing book profits under section 115 JB were valid. The Court found the assessee's position on the deduction debatable and in line with established legal principles. The absence of concealment or inaccurate particulars led to the deletion of penalties imposed by the Revenue for disallowed depreciation and deduction issues. The Tribunal upheld the First Appellate Authority's decision, dismissing the Revenue's appeals and affirming the orders in favor of the assessee for both assessment years. en-us Thu, 23 May 2013 00:00:00 +0530 Fri, 03 Jan 2014 18:06:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=241948 The Supreme Court settled the dispute in favor of the assessee, ruling that the deductions claimed under section 80 HHC for computing book profits under section 115 JB were valid. The Court found the assessee's position on the deduction debatable and in line with established legal principles. The absence of concealment or inaccurate particulars led to the deletion of penalties imposed by the Revenue for disallowed depreciation and deduction issues. The Tribunal upheld the First Appellate Authority's decision, dismissing the Revenue's appeals and affirming the orders in favor of the assessee for both assessment years. Case-Laws Income Tax Thu, 23 May 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=241948