https://www.taxtmi.com/caselaws?id=264906 The Tribunal upheld the CIT(A)'s decision that the provision for foreseeable losses was not a contingent liability but an allowable deduction under the mercantile system of accounting. The Tribunal emphasized the rational estimate basis and the applicability of Accounting Standard-7 (AS-7) in recognizing such losses, dismissing the Revenue's appeal. en-us Wed, 31 Dec 2014 00:00:00 +0530 Sat, 03 Oct 2015 16:33:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=264906 The Tribunal upheld the CIT(A)'s decision that the provision for foreseeable losses was not a contingent liability but an allowable deduction under the mercantile system of accounting. The Tribunal emphasized the rational estimate basis and the applicability of Accounting Standard-7 (AS-7) in recognizing such losses, dismissing the Revenue's appeal. Case-Laws Income Tax Wed, 31 Dec 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=264906