https://www.taxtmi.com/caselaws?id=250437 The High Court dismissed the appeal at the admission stage, upholding the re-computation of book profit under Section 153A without strict reliance on incriminating material found during search. Additionally, the Court affirmed the denial of set off of book loss unabsorbed depreciation under clause (iii) of Explanation 1 to Section 115JB, emphasizing the statutory mandate to set off the lower figure between brought forward losses and unabsorbed depreciation. The Court's decision clarified the interpretation of relevant provisions under the Income Tax Act and supported the Tribunal's rulings on both issues raised by the appellant. en-us Mon, 14 Jul 2014 00:00:00 +0530 Wed, 13 Aug 2014 08:00:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=250437 The High Court dismissed the appeal at the admission stage, upholding the re-computation of book profit under Section 153A without strict reliance on incriminating material found during search. Additionally, the Court affirmed the denial of set off of book loss unabsorbed depreciation under clause (iii) of Explanation 1 to Section 115JB, emphasizing the statutory mandate to set off the lower figure between brought forward losses and unabsorbed depreciation. The Court's decision clarified the interpretation of relevant provisions under the Income Tax Act and supported the Tribunal's rulings on both issues raised by the appellant. Case-Laws Income Tax Mon, 14 Jul 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=250437