The Commissioner of Income Tax Versus M/s. Pushparthy Packs Pvt. Ltd. - Income Tax - BOMBAY HIGH COURT - HC - Determination of accumulated profits - Deemed dividend - Whether depreciation is allowable while computing taxable income - Held that - Following Commissioner of Income Tax vs. Jamnadas Khimji Kothari 1972 (10) TMI 24 - BOMBAY High Court - The depreciation arising from the wear and tear of the business assets is a first charge on profits, without deducting which it is not possible to a................................... Income Tax - Case Laws
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