https://www.taxtmi.com/caselaws?id=184701 Provision for diminution in the value of investments was treated as a reduction in asset value, not as a provision for liability, for purposes of book profit under Section 115JA. Since the Assessing Officer can adjust the profit and loss account only to the extent permitted by the Explanation, clause (c) concerning provisions for liabilities did not apply. The provision therefore could not be added back while computing book profit, and the assessee's computation was accepted. en-us Thu, 25 Oct 2007 00:00:00 +0530 Mon, 18 Jul 2016 11:22:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=184701 Provision for diminution in the value of investments was treated as a reduction in asset value, not as a provision for liability, for purposes of book profit under Section 115JA. Since the Assessing Officer can adjust the profit and loss account only to the extent permitted by the Explanation, clause (c) concerning provisions for liabilities did not apply. The provision therefore could not be added back while computing book profit, and the assessee's computation was accepted. Case-Laws Income Tax Thu, 25 Oct 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=184701