https://www.taxtmi.com/caselaws?id=17314 The High Court held that under section 115J of the Income-tax Act, the term 'loss' should be interpreted to exclude depreciation, in line with the statutory incorporation of the Companies Act provisions. The Court ruled that the loss or depreciation, whichever is less, must be set off against the company's profits, based on the borrowed enactment principle. Consequently, the Court sided with the Revenue, affirming the Tribunal's decision and establishing a precedent for future cases concerning profit calculations and deductions for companies. en-us Mon, 29 Sep 1997 00:00:00 +0530 Mon, 21 Sep 2009 14:10:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=17314 The High Court held that under section 115J of the Income-tax Act, the term 'loss' should be interpreted to exclude depreciation, in line with the statutory incorporation of the Companies Act provisions. The Court ruled that the loss or depreciation, whichever is less, must be set off against the company's profits, based on the borrowed enactment principle. Consequently, the Court sided with the Revenue, affirming the Tribunal's decision and establishing a precedent for future cases concerning profit calculations and deductions for companies. Case-Laws Income Tax Mon, 29 Sep 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=17314