https://www.taxtmi.com/caselaws?id=286413 The High Court of Calcutta addressed two issues regarding the deduction of provisions for liabilities under Section 115JB of the Income Tax Act, 1961. The court upheld the provisions for unidentified Motor Third Party Claim and "Liabilities Incurred But not Reported" (IBNR) as ascertained liabilities, citing precedents and the department's inconsistent stance in previous assessment years. Consequently, the court dismissed the revenue's appeal, emphasizing the deductibility of these provisions under Section 115JB of the Income Tax Act, 1961. en-us Tue, 16 Jul 2019 00:00:00 +0530 Tue, 25 Feb 2020 05:50:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=286413 The High Court of Calcutta addressed two issues regarding the deduction of provisions for liabilities under Section 115JB of the Income Tax Act, 1961. The court upheld the provisions for unidentified Motor Third Party Claim and "Liabilities Incurred But not Reported" (IBNR) as ascertained liabilities, citing precedents and the department's inconsistent stance in previous assessment years. Consequently, the court dismissed the revenue's appeal, emphasizing the deductibility of these provisions under Section 115JB of the Income Tax Act, 1961. Case-Laws Income Tax Tue, 16 Jul 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=286413