2009 (4) TMI 23

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..... months, depreciation was claimed on the basis of SLM (straight line method) – AO denied deprecation on WDV method and calculated depreciation on SLM method – Held that action of AO is wrong – answers in favor of assessee - 332 of 1999 - - - Dated:- 13-4-2009 - D. A. MEHTA and S. R. BRAHMBHATT, JJ. Mrs. Mauna M. Bhatt for the Appellant Mr. Manish J. Shah for the Respondent. JUDGMENT .....

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..... ounts which were adopted by the General Body of assessee Company at the Annual General Meeting. This exercise was undertaken by the Assessing Officer while computing the figure of book profit under the provisions of Section 115J of the Income Tax Act, 1961 (the Act). Except for referring to the object with which provisions of Section 115J of the Act were brought on statute book no other reason has .....

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..... of the Company at the Annual General Meeting. Any other set of accounts, according to learned counsel, cannot be permitted to be used as a basis for computing book profit under Section 115J of the Act. On behalf of respondent assessee learned advocate also placed reliance on the submissions made on behalf of respective assessee in Tax Appeal No. 236 of 1999 to submit that no interference was wa .....

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