https://www.taxtmi.com/caselaws?id=375812 The High Court allowed one appeal and dismissed the other regarding the disallowance of provision for non-performing assets from book profits under section 115JA of the Income Tax Act. The court held that a provision for non-performing assets should be included in 'book profits' as per Explanation (c) to section 115JA. The court also clarified that any amount set aside as provision for diminution in the value of an asset is liable to be added back to 'book profits' under section 115JA. The outcome was influenced by legal precedents, legislative amendments, and the timeline of decisions. en-us Tue, 18 Dec 2018 00:00:00 +0530 Mon, 25 Feb 2019 20:28:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=375812 The High Court allowed one appeal and dismissed the other regarding the disallowance of provision for non-performing assets from book profits under section 115JA of the Income Tax Act. The court held that a provision for non-performing assets should be included in 'book profits' as per Explanation (c) to section 115JA. The court also clarified that any amount set aside as provision for diminution in the value of an asset is liable to be added back to 'book profits' under section 115JA. The outcome was influenced by legal precedents, legislative amendments, and the timeline of decisions. Case-Laws Income Tax Tue, 18 Dec 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=375812