https://www.taxtmi.com/caselaws?id=71237 A provision made for earthquake-related repairs to factory building, plant and machinery was treated as an ascertained liability for book-profit computation under section 115JB. Because the loss was assessed, the repairs were substantially incurred in the relevant year and the next, and the balance was reversed when no longer required, the liability was regarded as reasonably estimated and scientifically determined rather than contingent. The accounts having been prepared in accordance with Parts II and III of Schedule VI to the Companies Act, the Assessing Officer could not go behind the certified accounts except to the limited extent permitted by the Explanation to section 115JB. The impugned provision was therefore not liable to be added back. en-us Fri, 02 Dec 2005 00:00:00 +0530 Fri, 22 Apr 2011 10:53:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=71237 A provision made for earthquake-related repairs to factory building, plant and machinery was treated as an ascertained liability for book-profit computation under section 115JB. Because the loss was assessed, the repairs were substantially incurred in the relevant year and the next, and the balance was reversed when no longer required, the liability was regarded as reasonably estimated and scientifically determined rather than contingent. The accounts having been prepared in accordance with Parts II and III of Schedule VI to the Companies Act, the Assessing Officer could not go behind the certified accounts except to the limited extent permitted by the Explanation to section 115JB. The impugned provision was therefore not liable to be added back. Case-Laws Income Tax Fri, 02 Dec 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=71237