Rectification of mistake remains limited to self-evident record errors, preventing merits review through miscellaneous applications and preserving fin...
Tender creditworthiness conditions may extend to de facto Promoter Directors, with post-participation challenges generally barred absent arbitrariness...
Corporate representation in PMLA summons proceedings permitted through an authorised signatory, subject to directors' continuing cooperation and atten...
Helicopter charter classification requires effective control analysis, while territorial performance, reasoned credit orders and wilful suppression de...
Specified fund definition expands PAN exemption eligibility for registered alternative investment funds and qualifying International Financial Service...
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The Delhi High Court addressed the disallowance of provision for unsettled claims and Incurred But Not Reported (IBNR) Claims Reserve. The court held that the provision for outstanding claims can be allowed when materialized, not in the current year. The Tribunal's decision to delete the addition was justified as the provision was made based on claims lodged. The IBNR provisioning is regulated by the Insurance Regulatory and Development Authority of India Regulations, not considered a contingent liability. The court emphasized reasonable estimation and actuarial methods for liability quantification. The decision was against the revenue authority.
The Delhi High Court addressed the disallowance of provision for unsettled claims and Incurred But Not Reported (IBNR) Claims Reserve. The court held that the provision for outstanding claims can be allowed when materialized, not in the current year. The Tribunal's decision to delete the addition was justified as the provision was made based on claims lodged. The IBNR provisioning is regulated by the Insurance Regulatory and Development Authority of India Regulations, not considered a contingent liability. The court emphasized reasonable estimation and actuarial methods for liability quantification. The decision was against the revenue authority.
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