https://www.taxtmi.com/caselaws?id=168282 The High Court dismissed the appeal, ruling against the revenue's contentions. The judgment emphasized that once the balance sheet is certified under the Companies Act, the Assessing Officer lacks jurisdiction to scrutinize the net profit shown in the profit and loss account. The decision underscores the importance of adhering to statutory provisions and case law interpretations in determining depreciation and ensuring a true and fair representation of financial statements. en-us Mon, 12 Jul 2004 00:00:00 +0530 Fri, 13 Feb 2015 12:05:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=168282 The High Court dismissed the appeal, ruling against the revenue's contentions. The judgment emphasized that once the balance sheet is certified under the Companies Act, the Assessing Officer lacks jurisdiction to scrutinize the net profit shown in the profit and loss account. The decision underscores the importance of adhering to statutory provisions and case law interpretations in determining depreciation and ensuring a true and fair representation of financial statements. Case-Laws Income Tax Mon, 12 Jul 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=168282