Some instructions calcuate their immediate value relative to the IC (PC).
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donno commented
Some instructions which use immediate need to be calculated relative to the instructions position (i.e instruction counter).
For example:
jal bar
If jal instruction is at address 0x0000004C (76), and bar is at 0x00000004, then the immediate value written into the instruction is -72.
As it is relative and not absolute (i.e it is not "jal 4" but "jal -72").