https://www.taxtmi.com/caselaws?id=32682 For computing book profit under Section 115J, "loss" in the proviso to Section 205(1)(b) of the Companies Act includes depreciation. The loss figure must therefore be determined after charging depreciation, and unabsorbed depreciation remains deductible from book profit even where business loss is lower than depreciation. Treating loss as exclusive of depreciation would conflict with the applicable Supreme Court interpretation and improperly deny the deduction. 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 computing book profit under Section 115J, "loss" in the proviso to Section 205(1)(b) of the Companies Act includes depreciation. The loss figure must therefore be determined after charging depreciation, and unabsorbed depreciation remains deductible from book profit even where business loss is lower than depreciation. Treating loss as exclusive of depreciation would conflict with the applicable Supreme Court interpretation and improperly deny the deduction. Case-Laws Income Tax Wed, 18 Mar 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=32682