Provision for anticipated losses - wherever exemption or ...

Assessee's Loss Claim Denied Due to Lack of Evidence; Deductions Must Be Explicit in Income Tax Act.

November 29, 2021

Case Laws Income Tax AT

Provision for anticipated losses - wherever exemption or deductions are called for, the same has been provided explicitly in the provision of the Income Tax Act. Even, the provision for warranty, liquidated damages have been allowed taking into consideration the matching principle of revenue accounting. In the instant case, we further find that no cogent evidences have been furnished by the assessee as to how this loss has been arrived at. - AT

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Provision for anticipated losses - wherever exemption or ...

Assessee's Loss Claim Denied Due to Lack of Evidence; Deductions Must Be Explicit in Income Tax Act.

November 29, 2021

Case Laws Income Tax AT

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