THE DHAMRA PORT COMPANY LIMITED,ODISHA vs. DCIT,CIRCLE 1(2), BHUBANESWAR, AAYAKAR BHAWAN, RAJASWA VIHAR, BHUBANESWAR, ORISSA

In the result, appeal of the assessee is allowed with the direction

115J also. Resultantly the term "loss" was understood as the amount arrived at after taking into account the depreciation. The Legislature made its intention clear by providing in the successor sections that the loss shall not include depreciation, it is so provided in section 115JA and the similar wording has been used in clause (iii) of Explanation (1