https://www.taxtmi.com/caselaws?id=71631 The Tribunal ruled in favor of the assessee regarding the computation of book profits under section 115J(1A) for the assessment year 1989-90. The issue revolved around the disallowance of a provision for doubtful debts by the Assessing Officer, who considered it not deductible since recovery efforts were ongoing and the debt was not deemed bad. The CIT(A) and Tribunal held that the provision represented a real loss, not a contingency, and was ascertainable at the time of completing the accounts. The Tribunal concluded that the provision did not qualify as a provision for liability and upheld the CIT(A)'s decision, dismissing the Revenue's appeal. en-us Tue, 03 Apr 2001 00:00:00 +0530 Tue, 26 Apr 2011 12:07:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=71631 The Tribunal ruled in favor of the assessee regarding the computation of book profits under section 115J(1A) for the assessment year 1989-90. The issue revolved around the disallowance of a provision for doubtful debts by the Assessing Officer, who considered it not deductible since recovery efforts were ongoing and the debt was not deemed bad. The CIT(A) and Tribunal held that the provision represented a real loss, not a contingency, and was ascertainable at the time of completing the accounts. The Tribunal concluded that the provision did not qualify as a provision for liability and upheld the CIT(A)'s decision, dismissing the Revenue's appeal. Case-Laws Income Tax Tue, 03 Apr 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=71631