https://www.taxtmi.com/caselaws?id=392658 The Court ruled in favor of the assessee in the appeal against the Income Tax Appellate Tribunal's order. The Tribunal partially allowed the revenue's appeal, holding that depreciation as per the Companies Act, 1956 should be allowed. The Court directed the matter to be remanded back to the Assessing Officer for computing income under Section 115J in compliance with the law, emphasizing adherence to the Companies Act requirements. The appeal was disposed of accordingly, settling disputes related to interpretation of orders, entitlement to depreciation charges, calculation of "Book Profit," and the legality of set-off provision under Section 115J. en-us Wed, 19 Feb 2020 00:00:00 +0530 Tue, 25 Feb 2020 07:06:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=392658 The Court ruled in favor of the assessee in the appeal against the Income Tax Appellate Tribunal's order. The Tribunal partially allowed the revenue's appeal, holding that depreciation as per the Companies Act, 1956 should be allowed. The Court directed the matter to be remanded back to the Assessing Officer for computing income under Section 115J in compliance with the law, emphasizing adherence to the Companies Act requirements. The appeal was disposed of accordingly, settling disputes related to interpretation of orders, entitlement to depreciation charges, calculation of "Book Profit," and the legality of set-off provision under Section 115J. Case-Laws Income Tax Wed, 19 Feb 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=392658