Held that there is no notification exempting, Central warehousing Corporation from requirements of Schedule VI to Companies Act, 1956, hence section 115JB provision is applicable. Tribunal also held that whether the provision for payment of gratuity, bad and doubtful debts, payment of wealth-tax, leave encashment and productivity linked incentives allowable or not the Assessing Officer to verify claim of actuarial valuation and other documentary evidence to substantiate that liabilities were ascertained liabilities. (AY. 2006-07 to 2010-11)
Central Warehousing Corporation v. ACIT (2021) 89 ITR 208 (Delhi)(Trib.)
S. 115JB : Book Profits-Central warehousing Corporation-No Notification exempting from requirements of Schedule VI to Companies Act, 1956-Provision for payment of gratuity, bad and doubtful debts, Payment of wealth-tax, leave encashment and productivity linked incentives-Assessing Officer to verify claim of actuarial valuation and other documentary evidence to substantiate that liabilities were ascertained liabilities [S. 37(1), Companies Act, 1956, S. 211(3), Sch. VI].