https://www.taxtmi.com/caselaws?id=13098 The court upheld the validity of invoking sections 154 and 147 of the Income-tax Act, allowing rectification for overlooking mandatory provisions and justifying reassessment for escaped income. It mandated computing depreciation as per Schedule XIV to the Companies Act for book profit calculation under section 115J. The decision favored the Revenue and ruled against the assessee for the assessment years 1988-89 and 1989-90. en-us Tue, 13 Nov 2001 00:00:00 +0530 Tue, 26 May 2009 13:33:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=13098 The court upheld the validity of invoking sections 154 and 147 of the Income-tax Act, allowing rectification for overlooking mandatory provisions and justifying reassessment for escaped income. It mandated computing depreciation as per Schedule XIV to the Companies Act for book profit calculation under section 115J. The decision favored the Revenue and ruled against the assessee for the assessment years 1988-89 and 1989-90. Case-Laws Income Tax Tue, 13 Nov 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=13098