https://www.taxtmi.com/caselaws?id=384925 The ITAT upheld the CIT(A)'s decision, allowing the assessee to reduce the book profit by the amount of depreciation write-back under section 115JB of the IT Act. The ITAT agreed with the CIT(A) that the adjustment was consistent with the Companies Act, AS-6, and ICAI guidelines. The Revenue's appeal was dismissed, and the AO was instructed to adjust the figures for AYs 2001-02 to 2010-11 accordingly. The decision was based on precedent from ACIT v. Srinivas Synthetics Packers (P) Ltd., affirming the permissibility of such a reduction under the specified provisions. Judgment was pronounced on 23.7.2019. en-us Tue, 23 Jul 2019 00:00:00 +0530 Mon, 11 Nov 2024 16:42:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=384925 The ITAT upheld the CIT(A)'s decision, allowing the assessee to reduce the book profit by the amount of depreciation write-back under section 115JB of the IT Act. The ITAT agreed with the CIT(A) that the adjustment was consistent with the Companies Act, AS-6, and ICAI guidelines. The Revenue's appeal was dismissed, and the AO was instructed to adjust the figures for AYs 2001-02 to 2010-11 accordingly. The decision was based on precedent from ACIT v. Srinivas Synthetics Packers (P) Ltd., affirming the permissibility of such a reduction under the specified provisions. Judgment was pronounced on 23.7.2019. Case-Laws Income Tax Tue, 23 Jul 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=384925