https://www.taxtmi.com/caselaws?id=60578 The Tribunal allowed the assessee's appeals for the assessment years 1997-98 and 1998-99, dismissing the Revenue's appeal. It held that the AO's adjustments to the book profit were unjustified, emphasizing that the P&L account prepared as per the Companies Act should be the basis for computation. The Tribunal also ruled that rectification under Section 154 does not apply to debatable issues and upheld the deletion of additions for provisions of doubtful debts and diminution in the value of investment, in line with the decision in Usha Martin Industries Ltd. en-us Fri, 13 Oct 2006 00:00:00 +0530 Thu, 26 Jul 2012 17:48:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=60578 The Tribunal allowed the assessee's appeals for the assessment years 1997-98 and 1998-99, dismissing the Revenue's appeal. It held that the AO's adjustments to the book profit were unjustified, emphasizing that the P&L account prepared as per the Companies Act should be the basis for computation. The Tribunal also ruled that rectification under Section 154 does not apply to debatable issues and upheld the deletion of additions for provisions of doubtful debts and diminution in the value of investment, in line with the decision in Usha Martin Industries Ltd. Case-Laws Income Tax Fri, 13 Oct 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=60578