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Provision for transit breakages - There is no reasonable scientific method adopted by the Assessees to estimate the transit breakages so as to justify creating of provision for such breakages.The provision would in the circumstances be a provision for a contingent liability and therefore in terms of the AS 29 ought not be recognised. - HC

Income Tax - Provision for transit breakages - There is no reasonable scientific method adopted by the Assessees to estimate the transit breakages so as to justify creating of provision for such break .....

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