2019 (7) TMI 1575

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..... t been crystallized and such provision is neither backed by Insurance Regulatory Development Authority (IRDA) nor by any accounting standards? - HELD THAT:- Issue covered by the decision of this Court in Commissioner of Income Tax, Kolkata-II, Kolkata vs. National Insurance Co. Ltd. [ 2014 (9) TMI 1211 - CALCUTTA HIGH COURT] in favour of the assessee. Liabilities Incurred But not Reported (IB .....

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..... the Income Tax Appellate Tribunal, A Bench, Kolkata in ITA No. 674/Kol/2012 relating to the Assessment Year 2005-2006 and raised the following two questions: (a) Whether on the facts and in the circumstances of the case the learned tribunal, has erred in law in deleting the addition of ₹ 37,69,96,000/- by holding that the provision for unidentified Motor Third Party Claim is an ascert .....

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..... 115JB of the said Act? So far as the first question is concerned, it is covered by the decision of this Court dated 15th September, 2014 in ITAT No.77 of 2014 with GA No.1926 of 2014 (Commissioner of Income Tax, Kolkata-II, Kolkata vs. National Insurance Co. Ltd.) in favour of the assessee. So far as the second question is concerned, the department has accepted the claim of the assessee on .....

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