https://www.taxtmi.com/caselaws?id=2375 The court ruled in favor of the Revenue, emphasizing that unabsorbed depreciation/business loss should be adjusted against profits earned in intervening years for accurate computation of book profit under Section 115J of the Income Tax Act. The judgment clarified the interpretation of Section 115J, highlighting the necessity to align with the continuous process of carry forward and set off without interruptions as envisaged by the Act. The court's decision was guided by established legal principles and interpretations of relevant provisions of the Income Tax Act, ensuring consistency in the computation of book profits. en-us Mon, 05 Mar 2007 00:00:00 +0530 Thu, 31 Jul 2008 12:18:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=2375 The court ruled in favor of the Revenue, emphasizing that unabsorbed depreciation/business loss should be adjusted against profits earned in intervening years for accurate computation of book profit under Section 115J of the Income Tax Act. The judgment clarified the interpretation of Section 115J, highlighting the necessity to align with the continuous process of carry forward and set off without interruptions as envisaged by the Act. The court's decision was guided by established legal principles and interpretations of relevant provisions of the Income Tax Act, ensuring consistency in the computation of book profits. Case-Laws Income Tax Mon, 05 Mar 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=2375