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2018 (6) TMI 286 - AT - Income TaxAddition on account of contingent liability - Held that:- As before the lower authorities the assessee’s case was that it has provided 10% of the contract value as future expenses on defect liability by debiting to the profit and loss account. This has been held to be a contingent liability. It was not the case of the assessee before the lower authorities that it was a retention money by the contractor. The assessee is trying to build a new case which it could not do so at the time of second appeal hearing. - Decided against assessee
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