https://www.taxtmi.com/caselaws?id=335238 The Tribunal held that the provision made by the Respondent for contribution to the Solatium fund was an ascertained liability for the subject Assessment Year as directed by the IRDA, not contingent on subsequent year's payments. The Court emphasized that a liability can be certain even if not quantified immediately, as long as it can be reasonably estimated. Therefore, the provision was not a contingent liability during the subject Assessment Year, leading to the dismissal of the Revenue's appeal. The judgment clarifies the importance of assessing liabilities based on their certainty in the relevant Assessment Year, ensuring consistent application of tax laws. en-us Mon, 21 Nov 2016 00:00:00 +0530 Mon, 28 Nov 2016 13:10:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=335238 The Tribunal held that the provision made by the Respondent for contribution to the Solatium fund was an ascertained liability for the subject Assessment Year as directed by the IRDA, not contingent on subsequent year's payments. The Court emphasized that a liability can be certain even if not quantified immediately, as long as it can be reasonably estimated. Therefore, the provision was not a contingent liability during the subject Assessment Year, leading to the dismissal of the Revenue's appeal. The judgment clarifies the importance of assessing liabilities based on their certainty in the relevant Assessment Year, ensuring consistent application of tax laws. Case-Laws Income Tax Mon, 21 Nov 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=335238