https://www.taxtmi.com/caselaws?id=794620 For book-profit computation under the MAT provisions, audited accounts prepared under the Companies Act cannot be reopened by the Assessing Officer except to the limited adjustments expressly permitted by statute. A qualification in the auditor's report about selective revaluation did not make the accounts unaudited or justify denial of depreciation on revalued assets. Applying Apollo Tyres, the Gujarat High Court noted that depreciation on revalued assets could not be excluded merely on that basis, and the Tribunal's contrary view was set aside in favour of the assessee. en-us Wed, 24 Jun 2026 00:00:00 +0530 Wed, 08 Jul 2026 09:08:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=794620 For book-profit computation under the MAT provisions, audited accounts prepared under the Companies Act cannot be reopened by the Assessing Officer except to the limited adjustments expressly permitted by statute. A qualification in the auditor's report about selective revaluation did not make the accounts unaudited or justify denial of depreciation on revalued assets. Applying Apollo Tyres, the Gujarat High Court noted that depreciation on revalued assets could not be excluded merely on that basis, and the Tribunal's contrary view was set aside in favour of the assessee. Case-Laws Income Tax Wed, 24 Jun 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=794620