https://www.taxtmi.com/caselaws?id=329672 The Tribunal allowed the assessee's appeal regarding the provision for loss on ongoing projects, emphasizing the importance of reliable data and adherence to accounting standards. The decision underscored the necessity for verification and substantiation of estimates, recognizing the validity of the provision while stressing the need for thorough examination of cost-related aspects in assessing expected losses on contracts. The Tribunal upheld the principle of recognizing expected losses immediately when total costs exceed total revenue, requiring continuous assessment based on available information. en-us Fri, 10 Jun 2016 00:00:00 +0530 Thu, 07 Jul 2016 11:45:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=329672 The Tribunal allowed the assessee's appeal regarding the provision for loss on ongoing projects, emphasizing the importance of reliable data and adherence to accounting standards. The decision underscored the necessity for verification and substantiation of estimates, recognizing the validity of the provision while stressing the need for thorough examination of cost-related aspects in assessing expected losses on contracts. The Tribunal upheld the principle of recognizing expected losses immediately when total costs exceed total revenue, requiring continuous assessment based on available information. Case-Laws Income Tax Fri, 10 Jun 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=329672