https://www.taxtmi.com/caselaws?id=16741 The High Court analyzed the interpretation of section 115J of the Income-tax Act, 1961, regarding income computation for certain companies. The Court emphasized adherence to the Companies Act provisions for preparing the profit and loss account. It found the Tribunal's decision to delete depreciation additions under section 115J unjustified, ruling in favor of the Revenue. The Court held that the assessee should have followed the Companies Act guidelines for profit and loss account preparation, affirming the mandatory application of Companies Act provisions in computing income under section 115J. en-us Wed, 17 Sep 1997 00:00:00 +0530 Wed, 09 Sep 2009 17:22:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=16741 The High Court analyzed the interpretation of section 115J of the Income-tax Act, 1961, regarding income computation for certain companies. The Court emphasized adherence to the Companies Act provisions for preparing the profit and loss account. It found the Tribunal's decision to delete depreciation additions under section 115J unjustified, ruling in favor of the Revenue. The Court held that the assessee should have followed the Companies Act guidelines for profit and loss account preparation, affirming the mandatory application of Companies Act provisions in computing income under section 115J. Case-Laws Income Tax Wed, 17 Sep 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=16741