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ITAT held that the assessee's provision for mine closure/restoration expenses, computed on a scientific basis and deposited in an escrow account pursuant to an approved Mine Closure Plan, is allowable as a deductible provision, consistent with the Tribunal's decision in the assessee's own case for the preceding year. Finding no distinguishing facts, ITAT directed the AO to allow the assessee's claim for provision of Rs. 80.10 crores towards mine restoration expenses. However, the separate claim of Rs. 9.61 crores as expenditure u/s 43B was directed to be disallowed, in line with the earlier year's ruling. Consequently, both the Revenue's appeals and the assessee's cross-objections were allowed.
ITAT held that the assessee's provision for mine closure/restoration expenses, computed on a scientific basis and deposited in an escrow account pursuant to an approved Mine Closure Plan, is allowable as a deductible provision, consistent with the Tribunal's decision in the assessee's own case for the preceding year. Finding no distinguishing facts, ITAT directed the AO to allow the assessee's claim for provision of Rs. 80.10 crores towards mine restoration expenses. However, the separate claim of Rs. 9.61 crores as expenditure u/s 43B was directed to be disallowed, in line with the earlier year's ruling. Consequently, both the Revenue's appeals and the assessee's cross-objections were allowed.
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