https://www.taxtmi.com/caselaws?id=347294 The High Court, following the analysis of the Larger Bench, held that the provision for bad and doubtful debts, when simultaneously reduced from the balance sheet, does not need to be added back for book profit computation. The judgment in the case of Deepak Nitrite Limited was distinguished from another case, with the former falling under the category where the provision was not reduced from the balance sheet. Consequently, the Tax Appeal was dismissed in favor of the assessee based on these findings. en-us Mon, 28 Aug 2017 00:00:00 +0530 Sat, 02 Sep 2017 10:13:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=347294 The High Court, following the analysis of the Larger Bench, held that the provision for bad and doubtful debts, when simultaneously reduced from the balance sheet, does not need to be added back for book profit computation. The judgment in the case of Deepak Nitrite Limited was distinguished from another case, with the former falling under the category where the provision was not reduced from the balance sheet. Consequently, the Tax Appeal was dismissed in favor of the assessee based on these findings. Case-Laws Income Tax Mon, 28 Aug 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=347294