https://www.taxtmi.com/caselaws?id=15292 HC held that for section 115J purposes the company's "loss" must be reckoned after allowance of depreciation, following the SC precedent, and answered issues in favour of the assessee and against the Revenue. The court ruled that the deeming fiction in section 115J yields a deemed income only after book profits are determined from audited accounts, so sections 207-210 (and advance tax liability) cannot be invoked pre-emptively; consequently interest under sections 234B and 234C should not have been charged. Amounts written back due to a change in accounting system were properly included in book profits. References disposed. en-us Tue, 30 Nov 1999 00:00:00 +0530 Wed, 08 Oct 2025 18:20:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=15292 HC held that for section 115J purposes the company's "loss" must be reckoned after allowance of depreciation, following the SC precedent, and answered issues in favour of the assessee and against the Revenue. The court ruled that the deeming fiction in section 115J yields a deemed income only after book profits are determined from audited accounts, so sections 207-210 (and advance tax liability) cannot be invoked pre-emptively; consequently interest under sections 234B and 234C should not have been charged. Amounts written back due to a change in accounting system were properly included in book profits. References disposed. Case-Laws Income Tax Tue, 30 Nov 1999 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=15292