https://www.taxtmi.com/caselaws?id=266346 The ITAT dismissed the Revenue's appeal challenging the addition of a provision for bad and doubtful debt in the computation of book profit under section 115JB of the I.T. Act, 1961 for Assessment Year 2003-04. The ITAT held that the assessment was not validly reopened under section 147 as it was solely based on an audit objection, following the decision of the jurisdictional High Court. Since the assessee did not appeal against the CIT(A)'s decision, relief granted under Rule 27 was limited to upholding the CIT(A)'s order. Consequently, the ITAT upheld the CIT(A)'s decision and dismissed the Revenue's appeal. en-us Fri, 19 Jun 2015 00:00:00 +0530 Mon, 19 Oct 2015 20:35:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=266346 The ITAT dismissed the Revenue's appeal challenging the addition of a provision for bad and doubtful debt in the computation of book profit under section 115JB of the I.T. Act, 1961 for Assessment Year 2003-04. The ITAT held that the assessment was not validly reopened under section 147 as it was solely based on an audit objection, following the decision of the jurisdictional High Court. Since the assessee did not appeal against the CIT(A)'s decision, relief granted under Rule 27 was limited to upholding the CIT(A)'s order. Consequently, the ITAT upheld the CIT(A)'s decision and dismissed the Revenue's appeal. Case-Laws Income Tax Fri, 19 Jun 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=266346