https://www.taxtmi.com/caselaws?id=21496 A party that had earlier invited the appellate forum to entertain an appeal was not allowed, at the second appellate stage, to later challenge that forum's maintainability; the objection was barred on the facts and failed. For computation of average capital employed under rule 19(5), "profits" were construed as taxable profits determined under the Act, not commercial profits from the profit and loss account. Depreciation had to be deducted in arriving at those profits and could not be added back. Both points were answered in favour of the Revenue, leaving no relief on the reference. en-us Thu, 26 Oct 1989 00:00:00 +0530 Tue, 24 Nov 2009 17:39:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=21496 A party that had earlier invited the appellate forum to entertain an appeal was not allowed, at the second appellate stage, to later challenge that forum's maintainability; the objection was barred on the facts and failed. For computation of average capital employed under rule 19(5), "profits" were construed as taxable profits determined under the Act, not commercial profits from the profit and loss account. Depreciation had to be deducted in arriving at those profits and could not be added back. Both points were answered in favour of the Revenue, leaving no relief on the reference. Case-Laws Income Tax Thu, 26 Oct 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=21496