Malayala Manorama Co. Ltd. vs Commissioner Of Income Tax

Authority: Supreme Court Date: 2008-04-10 AY: 1988-89, 1989-90 Section: 147 Acts: Income Tax Act 1961, Companies Act 1956 Result: Assessee Citation: (2008) 216 CTR (SC) 102 : (2008) 300 ITR 251 (SC) : (2008) 169 TAXMAN 471 : (2008) 6 DTR 1 Justices: Ashok Bhan & Dalveer Bhandari, JJ. Appeal No: Civil Appeal Nos. 5420 to 5423 of 2002*
Whether in respect of a company consistently charging depreciation in its books of account at the rates prescribed in the IT Rules, the ITO has jurisdiction under s. 115J of the IT Act, 1961 to rework net profits by substituting the rates prescribed in Sch. XIV of the Companies Act, 1956? --- Held No.

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