Assessee's Loss Claim Denied Due to Lack of Evidence; Deductions Must Be Explicit in Income Tax Act.

Assessee's Loss Claim Denied Due to Lack of Evidence; Deductions Must Be Explicit in Income Tax Act. https://www.taxtmi.com/highlights?id=60694 Provision for anticipated losses - wherever exemption or deductions are called for, the same has been provided explicitly in the provision of the Income Tax Act. Even, the provision for warranty, liquidated damages have been allowed taking into consideration the matching principle of revenue accounting. In the instant case, we further find that no cogent evidences have been furnished by the assessee as to how this loss has been arrived at. - AT en-us Mon, 29 Nov 2021 10:57:22 +0530 Mon, 29 Nov 2021 10:57:22 +0530 TaxTMI RSS Generator Assessee's Loss Claim Denied Due to Lack of Evidence; Deductions Must Be Explicit in Income Tax Act. https://www.taxtmi.com/highlights?id=60694 Provision for anticipated losses - wherever exemption or deductions are called for, the same has been provided explicitly in the provision of the Income Tax Act. Even, the provision for warranty, liquidated damages have been allowed taking into consideration the matching principle of revenue accounting. In the instant case, we further find that no cogent evidences have been furnished by the assessee as to how this loss has been arrived at. - AT Highlights Income Tax Mon, 29 Nov 2021 10:57:22 +0530 https://www.taxtmi.com/highlights?id=60694