Doubtful Debt in Nature of Diminution in value of Asset, unless there is finding u/s 35(1)(vii) of Income Tax Act: ITAT upholds Addition of Book Profit u/s 115JB [Read Order]

Doubtful Debt - nature of diminution - Income Tax Act - Asset - Diminution - ITAT upholds Addition of Book Profit - ITAT - Addition - Book Profit - taxscan

The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) held that in the year under consideration when the provision for doubtful debt has been written back, the assessee is entitled for making claim of the same. The assessee, a public limited company, was during the year under consideration engaged in the business of manufacturing…

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