https://www.taxtmi.com/caselaws?id=252611 The High Court clarified that "loss" in explanation (iv) to section 115J of the Income Tax Act, 1961 should be understood post-depreciation, aligning with the legislative intent. Relying on precedent, the Court upheld the Tribunal's decision, emphasizing that interpreting "loss" as pre-depreciation would not comply with the Act. The judgment favored the assessee, ensuring consistency in interpreting statutory provisions for computing book profits under section 115J. The Court's analysis highlighted the importance of maintaining a minimum corporate tax on prosperous companies, leading to a ruling in favor of the assessee based on established legal principles. en-us Thu, 16 Oct 2014 00:00:00 +0530 Thu, 30 Oct 2014 08:10:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=252611 The High Court clarified that "loss" in explanation (iv) to section 115J of the Income Tax Act, 1961 should be understood post-depreciation, aligning with the legislative intent. Relying on precedent, the Court upheld the Tribunal's decision, emphasizing that interpreting "loss" as pre-depreciation would not comply with the Act. The judgment favored the assessee, ensuring consistency in interpreting statutory provisions for computing book profits under section 115J. The Court's analysis highlighted the importance of maintaining a minimum corporate tax on prosperous companies, leading to a ruling in favor of the assessee based on established legal principles. Case-Laws Income Tax Thu, 16 Oct 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=252611