https://www.taxtmi.com/caselaws?id=265216 The court dismissed the appeals, holding that the provision for transit breakages was not an allowable deduction. The court determined that the provision was a contingent liability and should not be recognized as per Accounting Standard 29. Actual transit breakages are allowed as revenue expenditure in the year they occur. The Assessing Officer was directed to permit the benefit of the reversal of the provision for transit breakages in accordance with the law for the relevant assessment year. en-us Tue, 06 Oct 2015 00:00:00 +0530 Sat, 28 Mar 2026 13:24:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=265216 The court dismissed the appeals, holding that the provision for transit breakages was not an allowable deduction. The court determined that the provision was a contingent liability and should not be recognized as per Accounting Standard 29. Actual transit breakages are allowed as revenue expenditure in the year they occur. The Assessing Officer was directed to permit the benefit of the reversal of the provision for transit breakages in accordance with the law for the relevant assessment year. Case-Laws Income Tax Tue, 06 Oct 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=265216