2009 (7) TMI 852

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....lowing substantial questions of law :   "1. Whether on the facts and circumstances of the case, the Tribunal was right in law in deleting the addition of Rs. 14.30 crores excess depreciation claimed from the book profits under section 115JB of the Act even though it was claimed by virtue of the board resolution passed beyond the end of the accounting year ?   2. Whether on the fact....

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....h as such a resolution came to be passed on July 4, 2003, it was an after- thought, as the same was after the closure of the books of account. The Commissioner of Income-tax (Appeals) also confirmed the view of the Assessing Officer, while the Tribunal noted that the change in the method of computing depreciation from straight line method to written down value method, thereby, the amount debited w....

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....nding counsel for the Department/appellant and having perused section 115JB of the Income-tax Act, in particular sub-section (ii), we are of the view that the reasoning of the Tribunal was well justified. Going back to sub-section (ii) of section 115JB of the Income-tax Act, it can be safely held that so long as the accounts of the company are audited by the statutory auditors in accordance with t....