https://www.taxtmi.com/caselaws?id=408738 The High Court remitted the case back to the Tribunal for reconsideration of the jurisdictional validity of the assessment order due to the absence of a notice under Section 143(2) of the Income Tax Act. The Court ruled in favor of the assessee regarding the reduction of provision for bad and doubtful debts under Section 115JB of the Act, directing that substantial questions of law be answered against the revenue. Additionally, the Court directed a review of the impact of a retrospective amendment on the computation of book profit under MAT provisions and instructed the Tribunal to reconsider the deduction for the reversal of provision for bad and doubtful debts. The Court also held that disallowed indirect expenditure should not be included in the computation of book profit for MAT purposes. en-us Tue, 08 Jun 2021 00:00:00 +0530 Sat, 19 Jun 2021 10:19:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=408738 The High Court remitted the case back to the Tribunal for reconsideration of the jurisdictional validity of the assessment order due to the absence of a notice under Section 143(2) of the Income Tax Act. The Court ruled in favor of the assessee regarding the reduction of provision for bad and doubtful debts under Section 115JB of the Act, directing that substantial questions of law be answered against the revenue. Additionally, the Court directed a review of the impact of a retrospective amendment on the computation of book profit under MAT provisions and instructed the Tribunal to reconsider the deduction for the reversal of provision for bad and doubtful debts. The Court also held that disallowed indirect expenditure should not be included in the computation of book profit for MAT purposes. Case-Laws Income Tax Tue, 08 Jun 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=408738