https://www.taxtmi.com/caselaws?id=339761 For computation of book profit under section 115J, an actuarially valued gratuity provision was treated as an accrued obligation and not a contingent liability, while interest on turnover tax was regarded as a statutory accrued liability and doubtful debts as a diminution in assets, so these amounts were not required to be added back. The computation also had to allow the lower of brought forward business loss or unabsorbed depreciation where reflected in the accounts and supported by the company-law framework. The adjusted book profit was therefore to be recomputed by excluding the disputed additions and allowing the permissible deduction. en-us Fri, 03 Mar 2017 00:00:00 +0530 Mon, 06 Mar 2017 11:50:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=339761 For computation of book profit under section 115J, an actuarially valued gratuity provision was treated as an accrued obligation and not a contingent liability, while interest on turnover tax was regarded as a statutory accrued liability and doubtful debts as a diminution in assets, so these amounts were not required to be added back. The computation also had to allow the lower of brought forward business loss or unabsorbed depreciation where reflected in the accounts and supported by the company-law framework. The adjusted book profit was therefore to be recomputed by excluding the disputed additions and allowing the permissible deduction. Case-Laws Income Tax Fri, 03 Mar 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=339761