https://www.taxtmi.com/caselaws?id=32682 For computation of book profit under Section 115J of the Income-tax Act, 1961, the article explains that "loss" in the proviso to Section 205(1)(b) of the Companies Act, 1956 is to be read as the figure after accounting for depreciation. On that reading, unabsorbed depreciation cannot be excluded from the loss figure in a way that would reduce the deduction available from book profit. The note further states that treating loss as excluding depreciation would conflict with the binding Supreme Court position, and that the deduction of unabsorbed depreciation from book profit was upheld against the Revenue. en-us Wed, 18 Mar 2009 00:00:00 +0530 Sat, 21 Mar 2009 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=32682 For computation of book profit under Section 115J of the Income-tax Act, 1961, the article explains that "loss" in the proviso to Section 205(1)(b) of the Companies Act, 1956 is to be read as the figure after accounting for depreciation. On that reading, unabsorbed depreciation cannot be excluded from the loss figure in a way that would reduce the deduction available from book profit. The note further states that treating loss as excluding depreciation would conflict with the binding Supreme Court position, and that the deduction of unabsorbed depreciation from book profit was upheld against the Revenue. Case-Laws Income Tax Wed, 18 Mar 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=32682