https://www.taxtmi.com/caselaws?id=352777 The Tribunal upheld the Commissioner's decision, dismissing the appeal as the absence of accumulated losses in the financial statements for the relevant year precluded the allowance of deduction for brought-forward losses/depreciation under section 115JB of the Income-tax Act, 1961. The High Court-approved reduction of equity share capital against accumulated losses in a prior year rendered the deduction claim baseless, aligning with the requirement for book profit determination to be in compliance with the Companies Act. en-us Wed, 29 Nov 2017 00:00:00 +0530 Thu, 21 Dec 2017 08:18:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=352777 The Tribunal upheld the Commissioner's decision, dismissing the appeal as the absence of accumulated losses in the financial statements for the relevant year precluded the allowance of deduction for brought-forward losses/depreciation under section 115JB of the Income-tax Act, 1961. The High Court-approved reduction of equity share capital against accumulated losses in a prior year rendered the deduction claim baseless, aligning with the requirement for book profit determination to be in compliance with the Companies Act. Case-Laws Income Tax Wed, 29 Nov 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=352777