Provision for diminution in asset value added to section 115JA Explanation, affecting treatment of profit and loss debits. Amendment inserts a new provision for diminution in the value of any asset as clause (g) into the Explanation to section 115JA, so that amounts set aside as such provisions are treated alongside specified debits to the profit and loss account for the purpose of computing the adjusted book profit, and if any amount referred to in clauses (a) to (g) is debited to the profit and loss account it is to be reduced as specified in the Explanation.
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Provisions expressly mentioned in the judgment/order text.
Provision for diminution in asset value added to section 115JA Explanation, affecting treatment of profit and loss debits.
Amendment inserts a new provision for diminution in the value of any asset as clause (g) into the Explanation to section 115JA, so that amounts set aside as such provisions are treated alongside specified debits to the profit and loss account for the purpose of computing the adjusted book profit, and if any amount referred to in clauses (a) to (g) is debited to the profit and loss account it is to be reduced as specified in the Explanation.
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