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2017 (5) TMI 1499 - HC - Income TaxAllowance of fluctuation loss - method of accounting followed by the respondent company - Held that:- quarely covered by the decision of Supreme Court in the case of Commissioner of Income Tax vs. Woodward Governor India (P) Ltd. (2009 (4) TMI 4 - SUPREME COURT) thus the issues with regard to fluctuation loss are to be decided in favour of the assessee. Provision of bad and doubtful debts - claim allowed - Decided in favour of assessee. Excluding the provision for bad and doubtful debt for the purpose of Section 115JA? - retrospective amendment introduced in Section 115JA - Held that:- With the introduction of the said amendment with retrospective effect from 01.04.1998, the provision for doubtful debts and the provision for doubtful advances, which are nothing but provision for diminution in the value of asset, are specifically covered under clause (g) of the said Explanation. Consequently, the question insofar as it relates to provision for doubtful debts and provision for doubtful advances, requires to be answered in favour of the revenue and against the assessee. See CIT. Versus ILPEA PARAMOUNT (P) LTD. [2010 (2) TMI 45 - DELHI HIGH COURT ] Disallowance of sum incurred on building by holding the same to be of revenue nature - Tribunal deleted the addition - Held that:- Claim allowed of assessee as relying on CIT Versus Dr. AM Singhvi [2007 (8) TMI 265 - RAJASTHAN HIGH COURT]
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