https://www.taxtmi.com/caselaws?id=30831 The High Court of PUNJAB AND HARYANA ruled in favor of the assessee in a case concerning the interpretation of the term 'loss' in relation to unabsorbed depreciation under the Companies Act, 1956. The court held that 'loss' includes unabsorbed depreciation when computing book profits, aligning with the Supreme Court's interpretation. The Tribunal's failure to consider unabsorbed depreciation was deemed erroneous, leading to a decision in favor of the assessee against the Revenue. The judgment underscores the significance of including unabsorbed depreciation in determining 'loss' for taxation purposes. en-us Thu, 05 Apr 2007 00:00:00 +0530 Sat, 27 Sep 2008 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=30831 The High Court of PUNJAB AND HARYANA ruled in favor of the assessee in a case concerning the interpretation of the term 'loss' in relation to unabsorbed depreciation under the Companies Act, 1956. The court held that 'loss' includes unabsorbed depreciation when computing book profits, aligning with the Supreme Court's interpretation. The Tribunal's failure to consider unabsorbed depreciation was deemed erroneous, leading to a decision in favor of the assessee against the Revenue. The judgment underscores the significance of including unabsorbed depreciation in determining 'loss' for taxation purposes. Case-Laws Income Tax Thu, 05 Apr 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=30831