https://www.taxtmi.com/caselaws?id=292970 The Tribunal allowed the assessee's appeal regarding excess profit adjustment and set off of unabsorbed depreciation, dismissing the Revenue's appeal. It emphasized the need for concrete evidence to support claims of profit inflation and upheld that deductions under section 10AA should be calculated before adjusting brought forward losses and unabsorbed depreciation. The issue of interest levy under sections 234A and 234B was considered consequential and not separately adjudicated. en-us Fri, 24 Nov 2017 00:00:00 +0530 Sat, 16 Jan 2021 22:03:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=292970 The Tribunal allowed the assessee's appeal regarding excess profit adjustment and set off of unabsorbed depreciation, dismissing the Revenue's appeal. It emphasized the need for concrete evidence to support claims of profit inflation and upheld that deductions under section 10AA should be calculated before adjusting brought forward losses and unabsorbed depreciation. The issue of interest levy under sections 234A and 234B was considered consequential and not separately adjudicated. Case-Laws Income Tax Fri, 24 Nov 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=292970