https://www.taxtmi.com/caselaws?id=370037 A provision for contract loss was deductible only if the liability had crystallized by year-end and was supported by material showing an existing obligation. The tribunal found that the arbitration proceedings and settlement arose after the relevant previous year, and the record did not show any ascertained or acknowledged liability during that year. The claimed rental compensation was also unsupported by material explaining how it was computed or why it had become payable. A mere contractor claim, without an admitted liability, was insufficient; the disallowance was restored and the assessee's deduction claim failed. en-us Mon, 03 Sep 2018 00:00:00 +0530 Thu, 08 Nov 2018 11:47:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=370037 A provision for contract loss was deductible only if the liability had crystallized by year-end and was supported by material showing an existing obligation. The tribunal found that the arbitration proceedings and settlement arose after the relevant previous year, and the record did not show any ascertained or acknowledged liability during that year. The claimed rental compensation was also unsupported by material explaining how it was computed or why it had become payable. A mere contractor claim, without an admitted liability, was insufficient; the disallowance was restored and the assessee's deduction claim failed. Case-Laws Income Tax Mon, 03 Sep 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=370037