https://www.taxtmi.com/caselaws?id=265122 The case involved issues concerning the disallowance of excess depreciation by the Assessing Officer, jurisdiction under Section 115J of the Income Tax Act, and proper disposal of the appeal by the Tribunal. The Tribunal favored the assessee, emphasizing that the Assessing Officer cannot question the correctness of the profit and loss account prepared in compliance with the Companies Act. The Supreme Court clarified the Assessing Officer's limited power to make adjustments under Section 115J. The court upheld the Tribunal's decision, emphasizing adherence to the Companies Act and dismissing the appeal based on established legal principles. en-us Thu, 01 Oct 2015 00:00:00 +0530 Wed, 07 Oct 2015 17:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=265122 The case involved issues concerning the disallowance of excess depreciation by the Assessing Officer, jurisdiction under Section 115J of the Income Tax Act, and proper disposal of the appeal by the Tribunal. The Tribunal favored the assessee, emphasizing that the Assessing Officer cannot question the correctness of the profit and loss account prepared in compliance with the Companies Act. The Supreme Court clarified the Assessing Officer's limited power to make adjustments under Section 115J. The court upheld the Tribunal's decision, emphasizing adherence to the Companies Act and dismissing the appeal based on established legal principles. Case-Laws Income Tax Thu, 01 Oct 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=265122