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SEAGRAM DISTILLERIES (P) LTD. Versus COMMISSIONER OF INCOME TAX-III

2015 (10) TMI 2578 - Delhi High Court

Provision for transit breakages - whether was not contingent in nature or based on a scientific basis and as such was not an allowable deduction while computing the total income? - Held that:- In In view of the judgment passed in Seagram Distilleries .....

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ircumstances, 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 expenditure in the accounting year in which such .....

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Mr. Kamal Sawhney, Senior Standing Counsel. ORDER 1. By the order dated 8th December 2009, the following question of law was framed for consideration b y the Court in this appeal by the Assessee against the order d ated 14th September, 2009 of the In .....

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