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2010 (11) TMI 90 - DELHI HIGH COURT
Substantial question of law - Whether ITAT was correct in law in allowing provision made by the assessee for future losses that may occur on account of different project works undertaken by it or allowable as the assessee was following completed contract method of accounting – AO has refused to allow the provision of future losses on the ground that the liability is a contingent liability – View of the AO was confirmed by the CIT(A) on the same ground in the appeal preferred by the assessee – Appeal to ITAT - The Tribunal has allowed the provision made by the assessee for aforesaid losses on the ground that the assessee was following completed contract method and provision had been made on account of losses and on the precedent judgement