Recomputation of Losses and Depreciation Valid Under Section 263: HC Dismisses Appeal

Tamil Nadu Cements Corporation Ltd Vs ITO (OSD) (Madras High Court) Madras High Court has affirmed the authority of the Commissioner of Income Tax (CIT) to direct the recomputation of income for Tamil Nadu Cements Corporation Ltd., specifically concerning the set-off of business loss, unabsorbed depreciation, and investment allowance. The court, in its recent judgment, dismissed the company’s appeal, agreeing with the Income Tax Appellate Tribunal (ITAT) that the CIT had correctly exercised jurisdiction under Section 263 of the Income Tax Act, 1961. The appellant, Tamil Nadu Cements Corp...