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Voluntary customs statements and seizure evidence support penalties for attempted export of red sanders where alleged retractions remain unsubstantiat...
Banking companies governed by the Banking Regulation Act, 1949, were outside the scope of minimum alternate tax under section 115JB before the Finance Act, 2012. Consequently, the alternative question of deducting provisions for bad debts and investments written off when computing book profits is academic for that period. Deductions for bad and doubtful debts under sections 36(1)(vii) and 36(1)(viia) also raise the question of whether debiting only the bad-debt reserve, without an actual write-off through the profit and loss account, is sufficient.
Banking companies governed by the Banking Regulation Act, 1949, were outside the scope of minimum alternate tax under section 115JB before the Finance Act, 2012. Consequently, the alternative question of deducting provisions for bad debts and investments written off when computing book profits is academic for that period. Deductions for bad and doubtful debts under sections 36(1)(vii) and 36(1)(viia) also raise the question of whether debiting only the bad-debt reserve, without an actual write-off through the profit and loss account, is sufficient.
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