2017 (9) TMI 51

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... Soparkar, Advocate ORAL ORDER (PER : HONOURABLE MR.JUSTICE AKIL KURESHI) 1. Notice for final disposal was issued for consideration of following substantial question of law: "Whether the Appellate Tribunal is right in law and on facts in deleting the addition of Rs. 6,28,14,653/- being provision for bad and doubtful debts to the book profit for computation of MAT liability even w....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....i) to the explanation to section 115JB, as held by the Supreme Court in case of HCL Comnet Systems and Services Ltd. (supra), the then existing clause (c) did not cover a case where the assessee made a provision for bad or doubtful debt. With insertion of clause (i) to the explanation with retrospective effect, any amount or amounts set aside for provision for diminution in the value of the asset ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....hereas from the brief discussion available in the judgment it appears that case of Indian Petrochemicals Corporation Ltd. (supra), fell in the later category." 4. Accordingly, this tax appeal has been placed before us for final disposal in terms of the opinion of the Larger Bench. The relevant facts emerging from the record, as stated by the Tribunal in the impugned judgement, are as under: ....