Provision for doubtful debt being in nature of diminution in value of asset attracts section 115JB

DCIT Vs Everest Industries Limited (ITAT Mumbai) ITAT Mumbai held that under regular provisions of section 36(1)(vii) of the Act, the provision for doubtful debt being in the nature of diminution in value of asset, it also attracts explanation (i) of the section 115JB of the Act. Accordingly, addition of book profit sustained. Facts- The assessee, a public limited company, was during the year under consideration engaged in the business of manufacturing of ‘asbestos cement sheets’ and ‘accessories and ‘pre-engineered’ building products. For the year under consideration, the assessee f...