Amount withdrawn from reserve to be reduced while computing book profit u/s. 115JB: ITAT Mumbai

Bank of Bahrain & Kuwait B.S.C. Vs DCIT (ITAT Mumbai) ITAT Mumbai held that when the reserve/provisions created in the year where the assessee has increased the book profit u/s. 115JB of the Act, the assessee is entitled to reduce the amount withdrawn from such reserve if the same is credited to the P & L account in that year. Facts- The assessee is a commercial bank headquartered at Bahrain and has two branches in India one at Mumbai and Hyderabad, which is engaged in the normal banking activities which includes financing of foreign trade and foreign exchange transaction. The assessee...