TMI BlogClarification on 115JBX X X X Extracts X X X X X X X X Extracts X X X X ..... We made provision for Doubtful debts & Provision for stock for the Ay 10-11 and disallowed the Expenses in MAT & also in Normal Taxation. In AY 11-12 the above said provision has been written off so w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hether the written off expenses is allowed in MAT and in Normal Taxation. Please clarify. - Reply By CA Rachit Agarwal - The Reply = MAT is the tax based on the book profit. Hence now writing off the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the provisions for doubtful debts would not impact the book profit. Hence in our opinion the same cannot be allowed to be deducted from the book profit. - Reply By DEV KUMAR KOTHARI - The Reply = ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... For stock valuation there should be lower valuation and not a provision. Anyway both provisions can be considered as provision for diminution in the value of asset to which Caluse (i) under head , as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... reduced by apply. Accordingly amount withdrawn from such provision and credited to P l a/c can be considered as item (i) under head as reduced by --. Please read again the provisions of s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ection 115JB with reference to full facts. - Clarification on 115JB - Query Started By: - JOHN SHANNEL Dated:- 15-12-2010 Income Tax - Got 2 Replies - Income Tax - Discussion Forum - Knowledge S ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... haring, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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