https://www.taxtmi.com/caselaws?id=35345 The High Court held that private limited companies should follow the depreciation rates specified in Schedule XIV of the Companies Act, 1956, rather than those in Rule 5 of the Income Tax Rules, 1962, for computing book profit under Section 115J of the Income Tax Act, 1961. The Supreme Court emphasized the need to reconsider the applicability of Parts II and III of Schedule VI to the 1956 Act in relation to Section 115J, directing the matter to be referred to the Chief Justice for appropriate directions and potential review by a larger Bench. en-us Tue, 16 Feb 2010 00:00:00 +0530 Wed, 01 Apr 2026 18:20:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=35345 The High Court held that private limited companies should follow the depreciation rates specified in Schedule XIV of the Companies Act, 1956, rather than those in Rule 5 of the Income Tax Rules, 1962, for computing book profit under Section 115J of the Income Tax Act, 1961. The Supreme Court emphasized the need to reconsider the applicability of Parts II and III of Schedule VI to the 1956 Act in relation to Section 115J, directing the matter to be referred to the Chief Justice for appropriate directions and potential review by a larger Bench. Case-Laws Income Tax Tue, 16 Feb 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=35345