TMI BlogDisallowance of claim of provision for losses - In fact, the assessee reversed the provision made in...Disallowance of claim of provision for losses - In fact, the assessee reversed the provision made in this year under consideration in subsequent two financial years. Therefore, the above facts clearly show that there is no basis for the assessee to make the provision and it is only an estimation made by the assessee. - Thus estimation of future loss was neither based on any actuarial or any scientific method of determination of its liability and thus, we confirm the orders of authorities below t..... ..... X X X X Extracts X X X X X X X X Extracts X X X X
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