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2018 (4) TMI 1133 - HC - Income TaxMAT - Adjustments to Book Profit - Provisions created for sub standard, doubtful and for loss of assets claimed as a deduction - allowability in the computation of book profits in terms of Section 115JA - Held that:- An assessee's case would fall within the ambit of Clause (c) of Section 115JA(1) only if the amount is set aside as provision; the provision is made for meeting a liability; and the provision should be for other than ascertained liabilities, that is, it should be for an unascertained liability. The aforementioned decision squarely covers the case on hand and the decision relied on by the ITAT in the case of Deputy Commissioner of Income Tax vs. Beardsell Ltd. (2000 (3) TMI 37 - MADRAS High Court), pertains to a case not arising in respect of a banking company. Decisions of the Hon'ble Supreme Court in State Bank of Patiala (1996 (3) TMI 128 - SUPREME Court) and HCL Comnet Systems & Services Ltd., (2008 (9) TMI 18 - SUPREME COURT) are clear answers to both the substantial questions of law, which have been framed for consideration. - Decided in favour of the assessee.
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