https://www.taxtmi.com/caselaws?id=248632 The tribunal partly allowed the revenue's appeal, emphasizing the correct application of provisions related to deductions in the computation of book profit under section 115JB of the Income Tax Act. The assessing officer's approach was found flawed as it did not consider losses incurred before 1999-2000. The tribunal directed the AO to segregate the accumulated loss figure and verify the assessee's claim, setting aside the CIT(A)'s decision on this issue. Additionally, the tribunal disagreed with the CIT(A)'s decision to allow deduction of provision for interest and other charges reversed by the assessee under Explanation 1 to section 115JB. en-us Fri, 06 Jun 2014 00:00:00 +0530 Wed, 18 Jun 2014 22:17:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=248632 The tribunal partly allowed the revenue's appeal, emphasizing the correct application of provisions related to deductions in the computation of book profit under section 115JB of the Income Tax Act. The assessing officer's approach was found flawed as it did not consider losses incurred before 1999-2000. The tribunal directed the AO to segregate the accumulated loss figure and verify the assessee's claim, setting aside the CIT(A)'s decision on this issue. Additionally, the tribunal disagreed with the CIT(A)'s decision to allow deduction of provision for interest and other charges reversed by the assessee under Explanation 1 to section 115JB. Case-Laws Income Tax Fri, 06 Jun 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=248632