AO Unjustified in Disallowing Unpaid Sales Tax Recorded as Contingent Liability; No Impact on Profit & Loss Account.

AO Unjustified in Disallowing Unpaid Sales Tax Recorded as Contingent Liability; No Impact on Profit & Loss Account. https://www.taxtmi.com/highlights?id=26601 Disallowance of unpaid sales Tax due in the previous years - shown as a contingent liability. - there is no impact in the Profit & Loss account since the assessee had not claimed any deduction on that score. - AO could not have made any disallowance on this issue - AT en-us Fri, 25 Dec 2015 16:41:04 +0530 Fri, 25 Dec 2015 16:41:04 +0530 TaxTMI RSS Generator AO Unjustified in Disallowing Unpaid Sales Tax Recorded as Contingent Liability; No Impact on Profit & Loss Account. https://www.taxtmi.com/highlights?id=26601 Disallowance of unpaid sales Tax due in the previous years - shown as a contingent liability. - there is no impact in the Profit & Loss account since the assessee had not claimed any deduction on that score. - AO could not have made any disallowance on this issue - AT Highlights Income Tax Fri, 25 Dec 2015 16:41:04 +0530 https://www.taxtmi.com/highlights?id=26601