https://www.taxtmi.com/caselaws?id=400221 The Tribunal allowed the appeal, determining that the provision of Rs. 20.05 crores for pay revision arrears was an ascertained liability, not a contingent liability. The Tribunal held that the provision complied with Accounting Standard-4 and was deductible under Section 37(1) of the Income Tax Act. The appeal was allowed in favor of the assessee, setting aside the orders of the AO and CIT(A). en-us Tue, 27 Oct 2020 00:00:00 +0530 Sat, 31 Oct 2020 16:10:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=400221 The Tribunal allowed the appeal, determining that the provision of Rs. 20.05 crores for pay revision arrears was an ascertained liability, not a contingent liability. The Tribunal held that the provision complied with Accounting Standard-4 and was deductible under Section 37(1) of the Income Tax Act. The appeal was allowed in favor of the assessee, setting aside the orders of the AO and CIT(A). Case-Laws Income Tax Tue, 27 Oct 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=400221