In the result, appeal filed by the assessee is dismissed
Bench: Shri V. Durga Rao, Hon’Ble & Shri Manjunatha. G, Hon’Bleआयकर अपील सं./Ita No.2144/Chny/2008 िनधा"रण वष" /Assessment Year: 1998-99 M/S.Ashok Leyland Ltd., V. The Asst. Commissioner – No.1, Sardar Patel Road, Of Income Tax Guindy, Company Circle-I (1), Chennai-600 032. Chennai. [Pan: Aaaca 4651 L] (अपीलाथ"/Appellant) (""यथ"/Respondent)
depreciation is nil; or iv. the amount of profits derived by an industrial undertaking from the business of generation or generation and distribution of power; or v) the amount of profits derived by an industrial undertaking located in an industrially backward State or district as referred to in sub- section (4) and sub-section (5) of section