Dismissing the appeal of the revenue the Court held that provision for diminution in value of investment, having been actually written off, cannot be added to book profit under section 115JB(2)(i) of the Act . (AY. 2003 -04)
PCIT v. Torrent (P.) Ltd. (2019) 266 Taxman 151 /( 2020) 423 ITR 455 (Guj) (HC)
S. 115JB : Book profit – Provision for diminution in value of investment- Written off in the books – Addition cannot be made to book profit . [ S. 115JB(2)(i), Accounting Standard (AS) 13 ]