Accumulated Profits to be arrived after allowing Depreciation as per Income Tax Act and not Companies Act: ITAT deletes Addition[Read Order]

Accumulated - Profits - Depreciation - Income - Tax - Act - Companies - Act - ITAT - TAXSCAN

The Kolkata Bench of Income Tax Appellate Tribunal (ITAT) has deleted the addition holding that accumulated profits should be arrived after allowing depreciation as per Income Tax Act, 1961 and not as per companies Act. During the course of assessment proceedings, the AO noted that the assessee, XL Enterprises Ltd had received advance from P…

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