Section 115JB Allows Deduction of profit of sick industrial company in book profit computation

Golden Weaving Mills Pvt Ltd Vs ITO (ITAT Chennai)

The case of Golden Weaving Mills Pvt Ltd Vs. ITO (ITAT Chennai) revolves around the dispute concerning the computation of book profit under Section 115JB of the Income Tax Act, 1961 for the assessment year 2012-13. The appeal was filed by the assessee against the order passed by the Commissioner of Income Tax (Appeals), National Faceless Appeal Centre (NFAC), Delhi, dated 20.07.2023.

The primary issue raised by the assessee was the disallowance of deduction claimed for the amount of interest waiver of Rs. 4,71,82,883/- credi

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