Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2019 (7) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2019 (7) TMI 1575 - CALCUTTA HIGH COURTMAT computation u/s 115JB - provision for unidentified Motor Third Party Claim - whether is an ascertained liability and should be deducted while computing the book profit under Section 115JB - whether the aforesaid provision made for the liability which has not been crystallized and such provision is neither backed by Insurance Regulatory Development Authority (IRDA) nor by any accounting standards? - HELD THAT:- Issue covered by the decision of this Court in Commissioner of Income Tax, Kolkata-II, Kolkata vs. National Insurance Co. Ltd. [2014 (9) TMI 1211 - CALCUTTA HIGH COURT] in favour of the assessee. Liabilities Incurred But not Reported (IBNR) - Whether an ascertained liability and should be deducted while computing the book profit u/s 115JB - HELD THAT:- department has accepted the claim of the assessee on the aforesaid issue in assessment years 2000-2001 to 2004- 2005 and 2006-2007 [2016 (8) TMI 326 - ITAT KOLKATA] and it could not show exceptional reason for departure of their stand in the present assessment year.
|