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2011 (7) TMI 654 - PUNJAB AND HARYANA HIGH COURTMAT - whether provision for bad and doubtful debts should be added back for the purpose of computation u/s 115JB? - AY 2004- 05 - Held that:- Clause (i) of Explanation 1 inserted in section 115JB(2) by the Finance (No. 2) Act, 2009 effective retrospectively from April 1, 2001. According to clause (i), any amount or amounts set aside as provision for diminution in the value of any asset shall not reduce the book profits of an assessee. It was submitted that provision for bad and doubtful debts would be covered thereunder. See CIT Versus Steriplate P. Ltd. [2011 (5) TMI 645 - Punjab and Haryana High Court] - issue needs to be decided afresh by the AO - Appeal allowed by way of remand.
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