https://www.taxtmi.com/caselaws?id=2799 The Court dismissed the Revenue's appeal, affirming the ITAT's decision to delete provisions for doubtful debts and damaged stock from book profits under Section 115JA. The provisions were considered ascertained liabilities related to assets, not liabilities, and were prepared in compliance with the Companies Act. The Court found the Assessee's justifications for the provisions valid, based on genuine reasons like stock expiry and obsolescence. The Revenue was directed to pay costs to the Legal Services Committee. en-us Fri, 11 Jan 2008 00:00:00 +0530 Sun, 08 May 2011 14:16:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=2799 The Court dismissed the Revenue's appeal, affirming the ITAT's decision to delete provisions for doubtful debts and damaged stock from book profits under Section 115JA. The provisions were considered ascertained liabilities related to assets, not liabilities, and were prepared in compliance with the Companies Act. The Court found the Assessee's justifications for the provisions valid, based on genuine reasons like stock expiry and obsolescence. The Revenue was directed to pay costs to the Legal Services Committee. Case-Laws Income Tax Fri, 11 Jan 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=2799