https://www.taxtmi.com/caselaws?id=312154 The ITAT Mumbai dismissed the Revenue's appeal, affirming the CIT(A)'s decision that the Debenture Redemption Reserve should be treated as an ascertained liability rather than a reserve for computing book profits under section 115JB of the Income Tax Act, 1961. The Tribunal relied on previous judgments from the Bombay HC and its own decisions, concluding that adjusting the reserve in the computation was permissible. The decision clarified the treatment of such reserves, aligning with established legal interpretations, and upheld the assessee's position. en-us Fri, 30 Jun 2017 00:00:00 +0530 Sat, 03 Feb 2024 19:23:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=312154 The ITAT Mumbai dismissed the Revenue's appeal, affirming the CIT(A)'s decision that the Debenture Redemption Reserve should be treated as an ascertained liability rather than a reserve for computing book profits under section 115JB of the Income Tax Act, 1961. The Tribunal relied on previous judgments from the Bombay HC and its own decisions, concluding that adjusting the reserve in the computation was permissible. The decision clarified the treatment of such reserves, aligning with established legal interpretations, and upheld the assessee's position. Case-Laws Income Tax Fri, 30 Jun 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=312154