Disallowing the claim of the appellant to reduce the reversal of ...

Case Laws Income Tax

May 29, 2021

Disallowing the claim of the appellant to reduce the reversal of provision for bad and doubtful debts from the book profits computed under section 115JB - if the assessee is not called upon to pay any tax on book profit as taxes on normal computation are higher even after the aforesaid exercise of increase of the book profit by the amount of provision for the concerned year, the exercise would be an empty exercise and revenue neutral. This means that the assessee would not have been called upon to pay any extra tax whatsoever had this exercise been done. - Further, if two views are possible in a statutory tax provisions, the one in favour of the assessee should be adopted. - AT

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Disallowing the claim of the appellant to reduce the reversal of ...

Case Laws Income Tax

May 29, 2021

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