https://www.taxtmi.com/caselaws?id=369337 The Tribunal upheld the additions made by the assessing authority under Section 115J of the Income Tax Act, 1961, including the treatment of foreseeable losses in contract accounting. It determined that foreseeable losses are not ascertainable liabilities until contract completion. Additionally, the court recognized gratuity as an ascertained liability related to employee service years and ruled in favor of the assessee regarding the provision for bad and doubtful debts under Section 115JA. The decision allowed ITA No.2/2007, partly allowed ITA 1/2007, and rejected ITA No.43/2003. en-us Tue, 09 Oct 2018 00:00:00 +0530 Sat, 15 Jun 2019 12:51:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=369337 The Tribunal upheld the additions made by the assessing authority under Section 115J of the Income Tax Act, 1961, including the treatment of foreseeable losses in contract accounting. It determined that foreseeable losses are not ascertainable liabilities until contract completion. Additionally, the court recognized gratuity as an ascertained liability related to employee service years and ruled in favor of the assessee regarding the provision for bad and doubtful debts under Section 115JA. The decision allowed ITA No.2/2007, partly allowed ITA 1/2007, and rejected ITA No.43/2003. Case-Laws Income Tax Tue, 09 Oct 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=369337