Tribunal Supports Taxpayer: Invalidates Principal Commissioner's Order on Nonperforming Assets u/s 115JB.

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....Revision u/s 263 by CIT - disallowance of provision for nonperforming assets (NPA) in computing books profits u/s 115JB - The Tribunal, after considering detailed submissions and previous judicial precedents, ruled in favor of the assessee on all major issues. It concluded that the AO had conducted proper enquiries and made permissible views under the law, rendering the Pr. CIT’s invocation of section 263 invalid. Consequently, the Tribunal quashed the order passed u/s 263 and restored the original assessment order.....