https://www.taxtmi.com/caselaws?id=3612 The Supreme Court allowed the appeals, setting aside the High Court's judgment. It upheld that the Assessing Officer cannot rework net profits by substituting depreciation rates prescribed in Schedule XIV of the Companies Act for those consistently used by the company as per the Income-tax Rules. The Court reaffirmed the principles laid out in the Apollo Tyres Ltd. case, emphasizing the limited jurisdiction of the Assessing Officer under section 115J. The parties were directed to bear their own costs. en-us Thu, 10 Apr 2008 00:00:00 +0530 Wed, 15 Apr 2026 16:23:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=3612 The Supreme Court allowed the appeals, setting aside the High Court's judgment. It upheld that the Assessing Officer cannot rework net profits by substituting depreciation rates prescribed in Schedule XIV of the Companies Act for those consistently used by the company as per the Income-tax Rules. The Court reaffirmed the principles laid out in the Apollo Tyres Ltd. case, emphasizing the limited jurisdiction of the Assessing Officer under section 115J. The parties were directed to bear their own costs. Case-Laws Income Tax Thu, 10 Apr 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=3612