https://www.taxtmi.com/caselaws?id=60701 The Tribunal allowed the assessee to prepare the Profit and Loss Account for Income Tax purposes using permissible methods under the Companies Act, highlighting legislative intent for flexibility in choosing the depreciation method. The Tribunal directed the Assessing Officer to recalculate tax liability under section 115J, recognizing the assessee's consistent use of the written-down value method for Income Tax purposes. The appeal was partly allowed, with other grounds not pressed by the assessee being dismissed. en-us Tue, 20 Jan 1998 00:00:00 +0530 Fri, 07 Jan 2011 17:04:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=60701 The Tribunal allowed the assessee to prepare the Profit and Loss Account for Income Tax purposes using permissible methods under the Companies Act, highlighting legislative intent for flexibility in choosing the depreciation method. The Tribunal directed the Assessing Officer to recalculate tax liability under section 115J, recognizing the assessee's consistent use of the written-down value method for Income Tax purposes. The appeal was partly allowed, with other grounds not pressed by the assessee being dismissed. Case-Laws Income Tax Tue, 20 Jan 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=60701