https://www.taxtmi.com/caselaws?id=12487 The High Court of Kerala held that the book profit estimate under section 115J should be calculated based on Schedule VI to the Companies Act and not as per the Income-tax Act. The court set aside the Tribunal's order and directed the Assessing Officer to reassess the income following the provisions of the Companies Act for depreciation calculation. This decision clarifies the importance of ensuring profitable companies pay a minimum tax, in line with legislative intent and fairness in taxation. en-us Fri, 05 Jul 2002 00:00:00 +0530 Tue, 02 Mar 2010 13:07:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=12487 The High Court of Kerala held that the book profit estimate under section 115J should be calculated based on Schedule VI to the Companies Act and not as per the Income-tax Act. The court set aside the Tribunal's order and directed the Assessing Officer to reassess the income following the provisions of the Companies Act for depreciation calculation. This decision clarifies the importance of ensuring profitable companies pay a minimum tax, in line with legislative intent and fairness in taxation. Case-Laws Income Tax Fri, 05 Jul 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=12487