https://www.taxtmi.com/caselaws?id=172669 The court held that the applicant cannot set off the current year's profit against the loss brought forward or unabsorbed depreciation in a manner different from the determination of "book profit" under section 115JB. The court emphasized adherence to the statutory provisions, requiring the reduction of net profit by the lesser of the two amounts. The applicant's proposed methodology was found incorrect, and the court stressed the importance of consistency and regularity in accounting practices. Any changes in the method of accounting must have approval from the assessing authority to maintain compliance with the law. en-us Wed, 19 Jul 2006 00:00:00 +0530 Fri, 23 Oct 2015 10:05:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=172669 The court held that the applicant cannot set off the current year's profit against the loss brought forward or unabsorbed depreciation in a manner different from the determination of "book profit" under section 115JB. The court emphasized adherence to the statutory provisions, requiring the reduction of net profit by the lesser of the two amounts. The applicant's proposed methodology was found incorrect, and the court stressed the importance of consistency and regularity in accounting practices. Any changes in the method of accounting must have approval from the assessing authority to maintain compliance with the law. Case-Laws Income Tax Wed, 19 Jul 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=172669