https://www.taxtmi.com/caselaws?id=6608 The Authority ruled that the advance against depreciation (AAD) must be included in the computation of book profit under section 115JB of the Income-tax Act in the year of receipt. The applicant's practice of treating AAD as revenue received in advance and deducting it from the total sale price was deemed inconsistent with statutory provisions. The ruling aligned with the Supreme Court's decision in Apollo Tyres Ltd. v. CIT, emphasizing limitations on altering net profit shown in the profit and loss account except as specified in the Explanation to section 115JB. en-us Fri, 17 Dec 2004 00:00:00 +0530 Sat, 17 Jan 2009 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=6608 The Authority ruled that the advance against depreciation (AAD) must be included in the computation of book profit under section 115JB of the Income-tax Act in the year of receipt. The applicant's practice of treating AAD as revenue received in advance and deducting it from the total sale price was deemed inconsistent with statutory provisions. The ruling aligned with the Supreme Court's decision in Apollo Tyres Ltd. v. CIT, emphasizing limitations on altering net profit shown in the profit and loss account except as specified in the Explanation to section 115JB. Case-Laws Income Tax Fri, 17 Dec 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=6608