Court held that the anticipated loss on completion of contract is includible in profits. Provision for gratuity and bad debts is not includible in profits. Followed CIT v. HCL Comnet Systems and Services Ltd. v. (2008) 305 ITR 409 (SC)
Fertilisers and Chemicals Travancore Ltd. (2019) 414 ITR 338 (Ker.)(HC)
S. 115J : Book profit-Anticipated loss on completion of contract-Includible in profits-Provision for gratuity-Bad debts-Not includible in profits.[S. 115JA, S.145]