High Court of Madras

Commissioner of Income-tax

v.

Nicco Uco Alliance Credit Ltd.

P.D. Dinakaran and Mrs. Chitra

Venkataraman, JJ.

T.C. (Appeal) No. 199 of 2003

February 6, 2007

Section 115J, read with section 32, of the Income-tax Act, 1961 - Zero-tax companies - Assessment year 1988-89 - Whether unabsorbed depreciation to be carried forward should be enhanced by an amount equal to income assessed to tax under section 115J - Held, no