Allowable expense u/s 37(1) - provisions for claim Incurred but ...

Case Laws Income Tax

March 12, 2022

Allowable expense u/s 37(1) - provisions for claim Incurred but Not Reported (IBNR) and claim Incurred But Not Enough Reported (IBNER) - whether such provisions are in the nature of contingent liability? - assessee has incurred an expenditure, which is incurred during the year with respect to the provisions made for the IBNER and IBNR claims, on scientific basis and also certified by the valuer with respect to the methodology adopted in making such provisions. Thus, it satisfies the entire ingredient for its allowance u/s 37 (1) of the act. - AT

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Allowable expense u/s 37(1) - provisions for claim Incurred but ...

Case Laws Income Tax

March 12, 2022

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