https://www.taxtmi.com/caselaws?id=403956 The write-back of provision for estimated loss on contracts, having been credited in the books and offered to tax in the year under appeal, could not be deducted again merely because earlier-year disallowances were under challenge. Allowing the deduction on the basis of possible future relief in other years would give the assessee a double benefit and make the assessment depend on speculative outcomes in pending proceedings. The Tribunal held that it must confine itself to the assessment year before it and cannot grant relief contingent on matters arising in other years. The first appellate authority's direction was therefore not sustainable, and the deduction was disallowed in the current year. en-us Fri, 01 Jan 2021 00:00:00 +0530 Fri, 12 Feb 2021 12:01:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=403956 The write-back of provision for estimated loss on contracts, having been credited in the books and offered to tax in the year under appeal, could not be deducted again merely because earlier-year disallowances were under challenge. Allowing the deduction on the basis of possible future relief in other years would give the assessee a double benefit and make the assessment depend on speculative outcomes in pending proceedings. The Tribunal held that it must confine itself to the assessment year before it and cannot grant relief contingent on matters arising in other years. The first appellate authority's direction was therefore not sustainable, and the deduction was disallowed in the current year. Case-Laws Income Tax Fri, 01 Jan 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=403956