Disallowance of claim of Provision for expenses - unascertained ...

Tax Authority's Disallowance of Expense Provision Challenged as Unjustified; Liability Accrued Despite Delayed Bills.

July 12, 2022

Case Laws Income Tax AT

Disallowance of claim of Provision for expenses - unascertained liability or not - By belated receipt of bills, the payment only gets postponed, but not the liability that has already accrued to the assessee. It is also fact that the assessee has been providing for known expenses and losses year after year and the said provision has been verified by the statutory auditors of the assessee company. - the tax authorities are not justified in holding that the Provision for expenses is an unascertained liability. - AT

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Disallowance of claim of Provision for expenses - unascertained ...

Tax Authority's Disallowance of Expense Provision Challenged as Unjustified; Liability Accrued Despite Delayed Bills.

July 12, 2022

Case Laws Income Tax AT

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