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2018 (12) TMI 44 - HC - Income TaxMAT - adding back the provision for bad debts in the computation 'book profits' in terms of Section 115JA for the purpose of taxation - Held that:- Identical question was answered by this Court in L.R.N.Finance Ltd. vs. Assistant Commissioner of Income-tax, Company Circle, Salem [2018 (4) TMI 1133 - MADRAS HIGH COURT] Hon'ble Supreme Court in the case of Apollo Tyres Ltd., vs. Commissioner of Income Tax [2002 (5) TMI 5 - SUPREME COURT] both Clause (c) and Clause (g) would be inapplicable to the assessee's case. However, we cannot make any observation in this regard, since the effect of the Clause (g) in Section 115JA(2) was never considered by the Tribunal, though on the date when the Tribunal took the decision, the said provision has already been inserted with retrospective effect. Therefore, to take a decision on the said fact, the matter has to be necessarily remanded to the assessing officer for fresh consideration. Further, the contention advanced by the learned counsel for the assessee is that even assuming that the proviso is applicable, then the proviso is not unconditional, as it lays down various parameters, which are required to be fulfilled. Decided in favour of the assessee and against the Revenue.
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