https://www.taxtmi.com/caselaws?id=10758 The court upheld the validity of the assessment under section 147 of the Income-tax Act, ruling in favor of the Revenue against the assessee. Profit on the sale of a capital asset was included in computing book profit under section 115J, with the court siding with the Revenue. Regarding the entitlement to set off loss or depreciation, the court ruled in favor of the assessee, allowing adjustment of loss or unabsorbed depreciation in computing book profit. The assessment was confirmed without restoring the case, with the final decision favoring the assessee in the Income-tax matters. en-us Wed, 19 Feb 2003 00:00:00 +0530 Fri, 24 Jul 2009 12:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=10758 The court upheld the validity of the assessment under section 147 of the Income-tax Act, ruling in favor of the Revenue against the assessee. Profit on the sale of a capital asset was included in computing book profit under section 115J, with the court siding with the Revenue. Regarding the entitlement to set off loss or depreciation, the court ruled in favor of the assessee, allowing adjustment of loss or unabsorbed depreciation in computing book profit. The assessment was confirmed without restoring the case, with the final decision favoring the assessee in the Income-tax matters. Case-Laws Income Tax Wed, 19 Feb 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=10758