https://www.taxtmi.com/caselaws?id=364416 The Tribunal upheld the Assessing Officer's methodology in calculating book profit under Section 115JB of the Income Tax Act, dismissing the assessee's appeal. The Tribunal clarified that the reduction from book profits should strictly follow statutory provisions, deducting the lower of unabsorbed loss or depreciation, not interchangeably as per the assessee's preference. The issue of factual discrepancies in the quantification of carry forward losses was remanded back to the AO for re-determination, emphasizing adherence to statutory provisions. en-us Thu, 26 Jul 2018 00:00:00 +0530 Sun, 29 Jul 2018 12:43:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=364416 The Tribunal upheld the Assessing Officer's methodology in calculating book profit under Section 115JB of the Income Tax Act, dismissing the assessee's appeal. The Tribunal clarified that the reduction from book profits should strictly follow statutory provisions, deducting the lower of unabsorbed loss or depreciation, not interchangeably as per the assessee's preference. The issue of factual discrepancies in the quantification of carry forward losses was remanded back to the AO for re-determination, emphasizing adherence to statutory provisions. Case-Laws Income Tax Thu, 26 Jul 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=364416