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2020 (11) TMI 347 - HC - Income TaxMAT computation - profits chargeable to tax u/s 115JB - Assessee showed the outstanding interest as credit to profit and loss account because of waiver of interest on account of One Time Settlement - as submitted outstanding interest amount was not shown as either as reserve or provision and it was shown as liability and even the corresponding debits in the earlier years were not added back - Tribunal has held that the AO on perusal of the balance sheets as on 31.03.2006 and 31.03.2007 has held that amount of interest has neither been shown as reserve nor provision anywhere but the same has been shown in Schedule C as a liability - HELD THAT:- No provision can be made for ascertained liability and therefore, no provision has been made by the assessee for interest payable and therefore, waiver of interest by IREDA cannot be considered as withdrawal of provision and cannot be reduced from the book profit. As held that the contention of the assessee that a sum should be considered as waiver of interest and part of book profit as interest payable for pre commencement period, needs examination and therefore, the matter was remitted for adjudication in accordance with law. The aforesaid findings by all the authorities under the Act are based on meticulous appreciation of evidence on record and does not suffer from any perversity warranting interference of this court in this appeal. In view of preceding analysis, the substantial questions of law framed by a bench of this court are answered against the assessee
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