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Bombay High Court Allows Appeal Holding Provision for Doubtful Debts Made Towards Receivables Is Not a Reserve, Sets Aside Addition to Book Profits Under Clause (b) of Explanation to Section 115JA as “Provision Made Towards Receivables Cannot Be Added Back in Book Profits, Upholding Legislative Intent and Consistency”
Court’s Decision The Bombay High Court allowed the appeal, holding that the provision for doubtful debts towards receivables is not a “reserve” and therefore cannot be added back to book…
