https://www.taxtmi.com/caselaws?id=357257 The court ruled in favor of the assessee for the assessment year 1988-89, holding that the provision for bad and doubtful debts should not be added to determine Minimum Alternate Tax (MAT) under Section 115J. However, for the assessment year 1998-99, following a legislative amendment, the court ruled in favor of the Revenue, allowing the inclusion of provisions for diminution in asset value in the computation of book profits. The judgment specified adjustments to be made in line with the court's decision, resulting in the rejection of ITA No.856 of 2009 and the allowance of ITA No.934 of 2009, with no costs incurred. en-us Tue, 27 Feb 2018 00:00:00 +0530 Tue, 20 Mar 2018 08:46:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=357257 The court ruled in favor of the assessee for the assessment year 1988-89, holding that the provision for bad and doubtful debts should not be added to determine Minimum Alternate Tax (MAT) under Section 115J. However, for the assessment year 1998-99, following a legislative amendment, the court ruled in favor of the Revenue, allowing the inclusion of provisions for diminution in asset value in the computation of book profits. The judgment specified adjustments to be made in line with the court's decision, resulting in the rejection of ITA No.856 of 2009 and the allowance of ITA No.934 of 2009, with no costs incurred. Case-Laws Income Tax Tue, 27 Feb 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=357257