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SEAGRAM DISTILLERIES (P) LTD. (NOW PERNOD RICARD INDIA PVT. LTD.) Versus COMMISSIONER OF INCOME TAX-III, NEW DELHI

2016 (9) TMI 161 - SUPREME COURT OF INDIA

Provision for transit breakages - whether has a scientific basis or is contingent in nature and as such is not an allowable deduction while computing the total income of the Assessee? - Held that:- We find no reason to entertain this Special Leave Pe .....

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kages. - 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. - The actual transit breakages as and when they occur are allowable as revenue expend .....

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