https://www.taxtmi.com/caselaws?id=210674 The case involved a dispute over adding back provisions for doubtful investments and advances for computing book profits under Section 115JA of the Income Tax Act, 1961. The Tribunal initially ruled in favor of the assessee, but the revenue appealed, arguing that a retrospective amendment required the provisions to be added. The court ultimately sided with the revenue, emphasizing that reserves for doubtful debts should be treated as assets, not liabilities, and thus added back to compute net income from book profits. The Assessing Authority's order was restored, overturning the previous decisions in favor of the revenue. en-us Mon, 29 Aug 2011 00:00:00 +0530 Mon, 20 Feb 2012 11:05:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=210674 The case involved a dispute over adding back provisions for doubtful investments and advances for computing book profits under Section 115JA of the Income Tax Act, 1961. The Tribunal initially ruled in favor of the assessee, but the revenue appealed, arguing that a retrospective amendment required the provisions to be added. The court ultimately sided with the revenue, emphasizing that reserves for doubtful debts should be treated as assets, not liabilities, and thus added back to compute net income from book profits. The Assessing Authority's order was restored, overturning the previous decisions in favor of the revenue. Case-Laws Income Tax Mon, 29 Aug 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=210674