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TMI BlogClarification on 115JBX X X X Extracts X X X X X X X X Extracts X X X X ..... Clarification on 115JB X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 whether the written off expenses is allo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... wed 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 the provisions for doubtful debts would no ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t 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: For stock valuation there should be lower valua ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion 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 reduced by apply. Accordingly amount withdrawn ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 section 115JB with reference to full facts. X X X X Extracts X X X X X X X X Extracts X X X X ..... n Forum - Knowledge Sharing ..... X X X X Extracts X X X X X X X X Extracts X X X X
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