Addition on account of provision for Solid Waste Dispsal ...

Dispute Over Solid Waste Disposal Expenses: Contingent or Accrued Liability? Compliance with Section 145 of Income Tax Act Confirmed.

March 9, 2023

Case Laws     Income Tax     AT

Addition on account of provision for Solid Waste Dispsal Expenses - contingent liability or accrued liability - The accounting method followed by the assessee was in consonance with the prescribed Accounting Standard and policy in accordance with the Prudence norms. That it complied accordingly with section 145 of the Act requiring income to be computed in accordance with notified accounting standards. DR was unable to controvert the same. - AT

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