https://www.taxtmi.com/caselaws?id=758096 ITAT Mumbai quashed AO's additions under section 115JB regarding deferred tax provision, investment diminution provision, and bad debt provision, ruling these issues were beyond the scope of assessment proceedings as they had attained finality in earlier rounds and Revenue failed to appeal. The Tribunal also ruled in favor of the assessee on provisions for staff welfare expenses and guarantee losses, finding them to be ascertained liabilities properly accounted under accrual method. Interest under section 234B was deemed consequential and deleted following the main additions' removal. en-us Fri, 21 Jun 2024 00:00:00 +0530 Fri, 06 Sep 2024 13:06:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=758096 ITAT Mumbai quashed AO's additions under section 115JB regarding deferred tax provision, investment diminution provision, and bad debt provision, ruling these issues were beyond the scope of assessment proceedings as they had attained finality in earlier rounds and Revenue failed to appeal. The Tribunal also ruled in favor of the assessee on provisions for staff welfare expenses and guarantee losses, finding them to be ascertained liabilities properly accounted under accrual method. Interest under section 234B was deemed consequential and deleted following the main additions' removal. Case-Laws Income Tax Fri, 21 Jun 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=758096