(Per : Sandeep V. Marne, J.)
1. The Assessee has filed the present Appeal under provisions of
Section 260A of the Income Tax Act, 1961 (the Act) challenging the
judgment and order dated 31 December 2002 passed by the Income
Tax Appellate Tribunal, Mumbai Bench, rejecting the Appeal filed
by it to the extent of addition of amount of Rs.2,49,73,218/- in the
book profit under clause (b) of Explanation to Section 115JA of the
Act. The Income Tax Appellate Tribunal (ITAT) has confirmed the
order passed by the Commissioner of Income Tax (Appeals)
[CIT(A)], who in turn had confirmed the order of the Assessing
Officer by treating the provision made by the Assessee towards
doubtful debt/advances as ‘reserves’ under clause (b) instead of
treating the same as ‘provision’ made for meeting liabilities under
clause (c) by modifying the order of the Assessing Officer to this
limited extent.
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