Supreme Court of India
M/s. Dynamic Orthopedics Pvt. Ltd. v. Commissioner of Income Tax, Cochin, Kerala
INSC stands for INDIAN SUPREME COURT. A neutral citation scheme assigned by the Court itself, so a judgment can be cited without depending on a commercial law reporter. INSC is the neutral citation scheme assigned by the Supreme Court, so a judgment can be cited without depending on a commercial law reporter.
What the Court ordered
We are of the view that the matter needs re-consideration by a larger Bench of this Court.
Judgment, page 8
From the headnote
Income Tax Act, 1961: s. 115-J - Book profit - Depreciation - Assessee c providing for depreciation under r. 5 of Income Tax Rules, but Assessing Officer allowing depreciation as per Schedule XIV to the Companies Act - High Court upholding the view of Assessing Officer - But, similar view of High Court in CIT vs. Malaya/a Manorama Company Ltd.* stood reversed by judgment of Supreme Court in Malaya/a Manorama Company Ltd. vs. CIT** - HELD: Section 115J of the 1961 Act is a special provision relating only to certain Companies - The whole purpose of s. 115J was to take care of the phenomenon of
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