Tribunal held that the statement of accounts had been drawn in accordance with Companies Act itself. The disallowance made under provisions of the Income-tax Act, would not justify exporting the disallowance for the computation of book profits under section\u00a0115JB\u00a0of the Act.. \u00a0That since the disallowance made under section\u00a014A\u00a0of the Act had been deleted, no adjustment was required on this count.. Provision for doubtful trade receivables and advances debited to Profit and Loss Account, writing off\u00a0 sum from its trade receivables in balance-sheet.\u00a0 Sum loses character of\u00a0\u00a0 provision hence no adjustment Called for. No adjustment on account of corporate Social responsibility expenses and donations-Provision for taxes made by Companies with whom assessee amalgamated.\u00a0 Reversal of unutilised provision for taxes in current Year. Matter remanded\u00a0 for verification. Debenture redemption reserve-Appropriation of\u00a0 profits and not provision for ascertained liability.\u00a0 (AY. 2014-15)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 115JB : Book profit-Statement of accounts drawn in accordance with Companies Act-Disallowance under Income-Tax Act cannot be exporting for computation of book profits-Provision for doubtful trade receivables and advances debited to Profit and Loss Account-Writing off sum from its trade receivables in balance-sheet-Sum loses character of provision-No adjustment Called for-No adjustment on account of corporate Social responsibility expenses and donations-Provision for taxes made by Companies with whom assessee amalgamated-Reversal of unutilised provision for taxes in current Year-Matter remanded for verification-Debenture redemption reserve-Appropriation of profits and not provision for ascertained liability. <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-18090","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-4HM","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/18090","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=18090"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/18090\/revisions"}],"predecessor-version":[{"id":18091,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/18090\/revisions\/18091"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=18090"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=18090"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=18090"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}