Where the assessee created a provision for doubtful debts/advances in respect of an amount receivable from a US-based customer, the High Court held that the amount represented a debt receivable by the assessee and was therefore an asset and not a liability; consequently, it could not be added to book profit under clause (c) of the Explanation to section 115JA as an unascertained liability or treated as a “reserve” under clause (b), and clause (g), inserted with effect from 1-4-1998, had no application to assessment year 1997-98. The additions to book profit were accordingly set aside. (AY. 1997-98).