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F: IGST Mechanism and availability of ITC
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Income Tax - Highlights / Catch Notes
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Income Tax - Disallowance of claim of provision for losses - In fact, the...

Income Tax
22-1-2022

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 that the losses could not be allowed on a projected basis unless they are actually incurred and verifiable with proper accounting methods. - AT

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