Provision written back
Querist : Anonymous
We have booked a provision in our books of account in last years and add back while preparing my Co's Income tax computation and taxed on that provision. Now, in the current year we written back that provision. Now, question is:- We have to pay income tax again on that provision because it will be credited in Profit and Loss account whereas we have already added back in our computation in last year. Please reply with section and case law if any.
Thanks
Querist : Anonymous
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