Amount debited under P&L a/c towards debenture redemption reserve fund is a known liability and therefore cannot be considered a reserve and it also cannot be considered as unascertained liability. (AY. 1999-00, 2001-02, 2002-03)
Dy. CIT v. Usha Martin Ltd. (2018) 66 ITR 18 ( SN)(Ranchi)(Trib.)
S. 115JB : Book profit–Amount debited under P&L a/c towards debenture redemption reserve fund is a known liability and therefore, cannot be added to the book profit.