Provision for doubtful debts not required to be add back to arrive at book profit u/s 115JA

Brief of the case In the case of The Commissioner of Income Tax vs. M/s. Salgaonkar Mining Industries Pvt. Ltd High Court of Goa has held that provision for doubtful debt is not required to add back while arriving book profit u/s 115JA. Facts of the case 1. Assessee’s income, under the normal provisions of the Act, was less than 30 % of its book profits, the Assessing Officer invoked Section 115JA of the Act and in terms of the explanation therein, added a sum of Rs.20.5 lakhs to the book profits, to compute the income at Rs.2.76 crores. Besides, as the respondent assessee had not computed ...