https://www.taxtmi.com/caselaws?id=461260 The Tribunal upheld the Assessing Officer's method for computing book profits under section 115JB of the Income Tax Act, 1961. It concluded that the lower of unabsorbed depreciation or business loss should be considered for each past year, and if either is 'nil', then 'nil' should be carried forward for that year. The Tribunal reversed the CIT(Appeals)'s order and supported the Assessing Officer's computation, allowing an adjustment of Rs.6,09,21,376/- as unabsorbed depreciation against book profits, thereby allowing the revenue's appeal. en-us Wed, 10 Jul 2013 00:00:00 +0530 Tue, 25 Mar 2025 10:56:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=461260 The Tribunal upheld the Assessing Officer's method for computing book profits under section 115JB of the Income Tax Act, 1961. It concluded that the lower of unabsorbed depreciation or business loss should be considered for each past year, and if either is 'nil', then 'nil' should be carried forward for that year. The Tribunal reversed the CIT(Appeals)'s order and supported the Assessing Officer's computation, allowing an adjustment of Rs.6,09,21,376/- as unabsorbed depreciation against book profits, thereby allowing the revenue's appeal. Case-Laws Income Tax Wed, 10 Jul 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=461260