72 results for “depreciation”+ Section 255clear
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Bench: SHRI T.R. SENTHIL KUMAR, JUDICIAL MEMBER &\nSHRI MAKARAND V. MAHADEOKAR (Accountant Member)
Section 115JB, the CIT(A) held that the AO could not arbitrarily add\nback the subsidy amount, as book profit is to be computed as per net profit\ndisclosed in the Profit & Loss Account. However, since the subsidy affects\ndepreciation, which in turn affects the net profit, the AO was directed to\nrecompute depreciation and then revise the book profit