https://www.taxtmi.com/caselaws?id=16343 The High Court upheld the Tribunal's decision to allow the deduction of unabsorbed depreciation instead of unabsorbed business loss for calculating book profits under section 115J of the Income-tax Act, resulting in nil income for the assessee. The Court found that the Tribunal's interpretation of including depreciation and unabsorbed depreciation in the computation of loss was legally justified, citing relevant case law and principles. The Court concluded that the Tribunal's decision was well-founded in fact and law, and no identifiable question of law arose from the findings, leading to the rejection of the application without costs awarded. en-us Mon, 01 Jul 1996 00:00:00 +0530 Mon, 07 Sep 2009 11:29:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=16343 The High Court upheld the Tribunal's decision to allow the deduction of unabsorbed depreciation instead of unabsorbed business loss for calculating book profits under section 115J of the Income-tax Act, resulting in nil income for the assessee. The Court found that the Tribunal's interpretation of including depreciation and unabsorbed depreciation in the computation of loss was legally justified, citing relevant case law and principles. The Court concluded that the Tribunal's decision was well-founded in fact and law, and no identifiable question of law arose from the findings, leading to the rejection of the application without costs awarded. Case-Laws Income Tax Mon, 01 Jul 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=16343