https://www.taxtmi.com/caselaws?id=242725 Amounts set aside as a provision for doubtful advances, being a diminution in the value of assets, fall within clause (i) of Explanation 1 to section 115JB and must be added back while computing book profit. The provision was separately reflected in the balance sheet, showing proper accounting treatment, and the clause was read as covering any provision appropriated towards asset diminution. The argument that a separate fund had to be created was rejected as unsupported by the statutory language. The book-profit adjustment was therefore sustained against the assessee. en-us Wed, 17 Jul 2013 00:00:00 +0530 Wed, 01 Apr 2015 16:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=242725 Amounts set aside as a provision for doubtful advances, being a diminution in the value of assets, fall within clause (i) of Explanation 1 to section 115JB and must be added back while computing book profit. The provision was separately reflected in the balance sheet, showing proper accounting treatment, and the clause was read as covering any provision appropriated towards asset diminution. The argument that a separate fund had to be created was rejected as unsupported by the statutory language. The book-profit adjustment was therefore sustained against the assessee. Case-Laws Income Tax Wed, 17 Jul 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=242725