2013 (12) TMI 9

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.... : Sri A Shankar & M Lava, Adv JUDGEMENT: PER : N Kumar This appeal is preferred by the Revenue raising the following substantial questions of law:-    a. Whether the Tribunal was correct in holding that provision for diminution in value of assets debited to P and L account is not required to be increased as per Clause (i) of Explanation-1 to Section 115JB of the Act to compu....

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....?    d. Whether the Tribunal was correct in holding that interest u/s.234B and 234C of the Act cannot be levied for default in payment of advance tax in the case wherein Section 115JB of the Act is invoked?    e. Whether the Tribunal was correct in holding that though the assessee assessed u/s. 115JB of the Act is liable for payment of advance tax however not liable for p....

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....ccount but simultaneously also reduce the loans and advances or the debtors from the assets side of the balance sheet to the extent of the corresponding amount so that, at the end of the year, the amount of loans and advances/debtors is shown as net of the provisions for the impugned bad debt. This Court in the case of The Commissioner Of Income Tax Vs. M/s. Jupiter Bio-science Ltd., vide dated 3.....