TaxTMI 
TaxTMI 
Clarification on 115JB
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....larification on 115JB<br> Query (Issue) Started By: - JOHN SHANNEL Dated:- 15-12-2010 Last Reply Date:- 16-12-2010 Income Tax<br>Got 2 Replies<br>Income Tax<br>We made provision for Doubtful debts & P....
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....rovision for stock for the Ay 10-11 and disallowed the Expenses in MAT & also in Normal Taxation. In AY 11-12 the above said provision has been written off so whether the written off expenses is allow....
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....ed in MAT and in Normal Taxation. Please clarify. Reply By CA Rachit Agarwal: The Reply: MAT is the tax based on the book profit. Hence now writing off the the provisions for doubtful debts would not....
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.... impact the book profit. Hence in our opinion the same cannot be allowed to be deducted from the book profit. Reply By DEV KUMAR KOTHARI: The Reply: For stock valuation there should be lower valuat....
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....ion and not a provision. Anyway both provisions can be considered as provision for diminution in the value of asset to which Caluse (i) under head , as reduced by apply. Accordingly amount withdrawn ....
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....from such provision and credited to P & l a/c can be considered as item (i) under head as reduced by --. Please read again the provisions of section 115JB with reference to full facts.<br> Discussion....
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