2011 (8) TMI 766 - KARNATAKA HIGH COURT

Applicability of Explanation (c) to Section 115JB(1)(MAT) - Provisions made for Bad and Doubtful debts - Held That:- Beside debiting Profit & Loss A/C and creating a provision assessee also reduces the amount from Loan & advances and at the end only net amount is shown in asset side - Therefore when bad or doubtful debts is reduced from the loan & Advances Explanation to Section 115JA or 115JB is not at all attracted. - In that context even if amendment which is made retrospective the benefit given by the Tribunal and the appellate Commissioner to the assessee is in no way affected. - Decided in favor of assessee.