Amount withdrawn from reserve to be reduced while computing book profit u/s. 115JB: ITAT Mumbai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where the assessee has increased the book profit u/s. 115JB of the Act, the assessee is entitled to reduce the amount withdrawn from such reserve if the same is credited to the P & L account in that year.Please become a Premium member. If you are already a Premium member, login here to access the full content.