https://www.taxtmi.com/caselaws?id=31860 Current-year depreciation disclosed in notes to the accounts, although not debited to the profit and loss account, is allowable as a deduction in computing book profit under section 115J. Profit and loss accounts prepared under the Companies Act include accompanying notes, and statutory disclosure requirements specifically cover depreciation not provided and arrears of depreciation. Consequently, net profit for section 115J must reflect depreciation information contained in those notes. The adjustment framework for unabsorbed depreciation and past losses further supports accounting for depreciation impacts in determining book profit. en-us Wed, 17 Dec 2008 00:00:00 +0530 Tue, 11 Nov 2025 15:34:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=31860 Current-year depreciation disclosed in notes to the accounts, although not debited to the profit and loss account, is allowable as a deduction in computing book profit under section 115J. Profit and loss accounts prepared under the Companies Act include accompanying notes, and statutory disclosure requirements specifically cover depreciation not provided and arrears of depreciation. Consequently, net profit for section 115J must reflect depreciation information contained in those notes. The adjustment framework for unabsorbed depreciation and past losses further supports accounting for depreciation impacts in determining book profit. Case-Laws Income Tax Wed, 17 Dec 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=31860