Case Law Details
Case Name : CIT Vs Vodafone Essar Gujarat Ltd (Gujarat High Court)
Related Assessment Year :
Courts :
All High Courts Gujarat High Court
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Prior to the introduction of clause(i) to the explanation to section 115JB, as held by the Supreme Court in case of HCL Comnet Systems and Services Ltd. (supra), the then existing clause (c) did not cover a case where the assessee made a provision for bad or doubtful debt. With insertion of clause (i) to the explanation with retrospective effect, any amount or amounts set aside for provision for diminution in the value of the asset made by the assessee, would be added back for computation of book profit under section 115JB of the Act. However, if this was not a mere provision made by the asses...
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The above case is nothing but eye wash for the general public to state Banks are taking legal course etc. There is a need to form committees formed from National level to Panchayat level for recovery of bad debts and non performing assets, thus profits of the banks decreased and to cover up losses, service chargers are revised and burden the common account holders.