https://www.taxtmi.com/caselaws?id=33193 The High Court upheld the Tribunal's decision, ruling in favor of the assessee in a case involving the interpretation of Section 115J of the Income Tax Act, 1961. The Court found the Profit & Loss Account presented by the assessee, audited by a Chartered Accountant and compliant with the Companies Act, to be acceptable for computing book profit. The Assessing Officer was directed to consider depreciation using the Written Down Value method, leading to the dismissal of the Revenue's appeal. en-us Mon, 13 Apr 2009 00:00:00 +0530 Wed, 14 Oct 2009 15:37:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=33193 The High Court upheld the Tribunal's decision, ruling in favor of the assessee in a case involving the interpretation of Section 115J of the Income Tax Act, 1961. The Court found the Profit & Loss Account presented by the assessee, audited by a Chartered Accountant and compliant with the Companies Act, to be acceptable for computing book profit. The Assessing Officer was directed to consider depreciation using the Written Down Value method, leading to the dismissal of the Revenue's appeal. Case-Laws Income Tax Mon, 13 Apr 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=33193