Book profit computation expanded to include provisions for asset diminution, altering corporate deemed income calculations retroactively. Amendment expands the computation of book profit under section 115JA by expressly including amounts set aside as a provision for diminution in the value of any asset when such provision is debited to the profit and loss account, thereby altering the components that determine book profit for the purposes of the deeming rule in section 115JA. The amendment is retrospective to the first day of April, 1998 and applies to the 1998-99 assessment year and subsequent years.
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Provisions expressly mentioned in the judgment/order text.
Book profit computation expanded to include provisions for asset diminution, altering corporate deemed income calculations retroactively.
Amendment expands the computation of book profit under section 115JA by expressly including amounts set aside as a provision for diminution in the value of any asset when such provision is debited to the profit and loss account, thereby altering the components that determine book profit for the purposes of the deeming rule in section 115JA. The amendment is retrospective to the first day of April, 1998 and applies to the 1998-99 assessment year and subsequent years.
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