https://www.taxtmi.com/caselaws?id=59825 The ITAT dismissed the revenue's appeals regarding UMI Ltd., BLC Ltd., and ICLC Ltd., affirming that provisions for doubtful debts, advances, and investments do not fall under adjustments per sections 115JA and 115JB of the IT Act. The Tribunal upheld the CIT(A)'s exclusion of additions for diminution in investment value from book profits under section 115JB. The appeal by BLC Ltd. was allowed, resulting in the deletion of the addition for the provision for doubtful debts from the book profits. The Tribunal concluded that wealth-tax provisions should not be added back to book profits under section 115JA. en-us Fri, 06 Oct 2006 00:00:00 +0530 Thu, 22 Feb 2024 18:37:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=59825 The ITAT dismissed the revenue's appeals regarding UMI Ltd., BLC Ltd., and ICLC Ltd., affirming that provisions for doubtful debts, advances, and investments do not fall under adjustments per sections 115JA and 115JB of the IT Act. The Tribunal upheld the CIT(A)'s exclusion of additions for diminution in investment value from book profits under section 115JB. The appeal by BLC Ltd. was allowed, resulting in the deletion of the addition for the provision for doubtful debts from the book profits. The Tribunal concluded that wealth-tax provisions should not be added back to book profits under section 115JA. Case-Laws Income Tax Fri, 06 Oct 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=59825