https://www.taxtmi.com/caselaws?id=58038 The Tribunal ruled in favor of the assessee, directing acceptance of the higher depreciation rates used for computing book profits. It held that the Assessing Officer lacked jurisdiction to recast the profit and loss account prepared in accordance with the Companies Act. The Tribunal emphasized that the higher depreciation rates were justified and consistent with relevant laws and circulars. Therefore, the assessee's method of computation was upheld, rejecting the Department's contention of tax avoidance. en-us Wed, 09 Jun 1993 00:00:00 +0530 Fri, 17 Dec 2010 10:13:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=58038 The Tribunal ruled in favor of the assessee, directing acceptance of the higher depreciation rates used for computing book profits. It held that the Assessing Officer lacked jurisdiction to recast the profit and loss account prepared in accordance with the Companies Act. The Tribunal emphasized that the higher depreciation rates were justified and consistent with relevant laws and circulars. Therefore, the assessee's method of computation was upheld, rejecting the Department's contention of tax avoidance. Case-Laws Income Tax Wed, 09 Jun 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=58038