https://www.taxtmi.com/caselaws?id=418555 The Tribunal dismissed the appeal, confirming the lower authorities' orders. It held that the appellant was not entitled to set off the unabsorbed depreciation loss of Rs. 55,69,139 against the book profit for FY 2009-10. The rectification order under section 154 was deemed justified as there was no apparent mistake on record. The judgment emphasized the clear application of Explanation 1 to clause (iii) of section 115JB(2) and upheld the tax demand determined by the AO. en-us Tue, 08 Feb 2022 00:00:00 +0530 Sat, 19 Feb 2022 07:03:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=418555 The Tribunal dismissed the appeal, confirming the lower authorities' orders. It held that the appellant was not entitled to set off the unabsorbed depreciation loss of Rs. 55,69,139 against the book profit for FY 2009-10. The rectification order under section 154 was deemed justified as there was no apparent mistake on record. The judgment emphasized the clear application of Explanation 1 to clause (iii) of section 115JB(2) and upheld the tax demand determined by the AO. Case-Laws Income Tax Tue, 08 Feb 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=418555