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TMI Blog2020 (10) TMI 1343X X X X Extracts X X X X X X X X Extracts X X X X ..... ding has been rendered by the bench in the order that the determination of foreseeable loss was fair, proper and justified. Finally, the matter was concluded in assessee s favor in wherein it was held that claim of provision for foreseeable losses for Rs.201.01 Lacs was an allowable claim. This being so, the provisions could not be termed as unascertained liabilities for the purpose of computing B ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ose of adjudicating Ground No.4. Accordingly, the appeal has come up for hearing before this bench. We have carefully heard the submissions made by rival representatives. 2. The Ground No. 4 which require our adjudication read as under: - 4. Disallowance of Provision on Foreseeable Losses Under Section 115JB of the Act: 1. On the facts and in the circumstances of the case and in law, the CIT( ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... way of Ground Nos. 3 & 4. In Ground No. 3, the assessee contested confirmation of disallowance while computing income under normal provisions whereas by way of Ground No. 4, the assessee contested addition of said disallowance while computing Book Profits u/s 115JB. While disposingoff the appeal, Ground No.3 was allowed by the coordinate bench in assessee's favor vide paras 17 to 26 of the order d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... allowable claim. This being so, the provisions could not be termed as unascertained liabilities for the purpose of computing Book Profits u/s 115JB. Therefore, the same was not to be added back while computing Book Profits u/s 115JB. We order so. Ground No.4 stands allowed in assessee's favor.
5. The assessee's appeal, stand allowed.
Order pronounced in the open court on 05th October, 2020. X X X X Extracts X X X X X X X X Extracts X X X X
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