https://www.taxtmi.com/caselaws?id=285823 The case involved a banking company disputing the addition of a provision for Non-performing Assets of Rs. 15 crores when computing book profits under Section 115JA of the Income Tax Act. The court emphasized the importance of reducing bad and doubtful debts from loans and advances of debtors to avoid the application of certain provisions. The case was remanded for further examination and re-computation of income, leaving the question of the Act's applicability open for adjudication. Ultimately, the appeal was disposed of, stressing the necessity of a thorough assessment to determine the accurate income computation under Section 115JA. en-us Tue, 04 Dec 2018 00:00:00 +0530 Wed, 29 Jan 2020 15:49:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=285823 The case involved a banking company disputing the addition of a provision for Non-performing Assets of Rs. 15 crores when computing book profits under Section 115JA of the Income Tax Act. The court emphasized the importance of reducing bad and doubtful debts from loans and advances of debtors to avoid the application of certain provisions. The case was remanded for further examination and re-computation of income, leaving the question of the Act's applicability open for adjudication. Ultimately, the appeal was disposed of, stressing the necessity of a thorough assessment to determine the accurate income computation under Section 115JA. Case-Laws Income Tax Tue, 04 Dec 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=285823