https://www.taxtmi.com/highlights?id=53995 Deductibility of the provision for future losses - in the various decisions discussed above it has been held that applicability of AS-7 is acceptable. In this case it has been argued that as the unbilled revenue has been offered for taxation therefore the provision for future losses, as per AS-7 should be allowed. The AO has not pointed out any defect in the estimate or application of AS-7. - deduction for Future loss is allowable. en-us Mon, 13 Jul 2020 10:58:15 +0530 Mon, 13 Jul 2020 10:58:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=53995 Deductibility of the provision for future losses - in the various decisions discussed above it has been held that applicability of AS-7 is acceptable. In this case it has been argued that as the unbilled revenue has been offered for taxation therefore the provision for future losses, as per AS-7 should be allowed. The AO has not pointed out any defect in the estimate or application of AS-7. - deduction for Future loss is allowable. Highlights Income Tax Mon, 13 Jul 2020 10:58:15 +0530 https://www.taxtmi.com/highlights?id=53995