https://www.taxtmi.com/caselaws?id=420870 The Tribunal overturned the decision of the lower authorities, including the Commissioner of Income-tax (Appeals), by deleting the disallowance of a claim amounting to Rs. 6,70,929 as a contingent liability. The audited financial statement confirmed the amount as a write-off on deferred sales related to retention money on invoices, not a contingent liability as presumed. The Tribunal found errors in solely relying on the Tax Audit Report's observation and ruled in favor of the assessee, allowing the appeal and confirming the write-off nature of the amount in question. en-us Thu, 24 Mar 2022 00:00:00 +0530 Tue, 12 Apr 2022 09:16:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=420870 The Tribunal overturned the decision of the lower authorities, including the Commissioner of Income-tax (Appeals), by deleting the disallowance of a claim amounting to Rs. 6,70,929 as a contingent liability. The audited financial statement confirmed the amount as a write-off on deferred sales related to retention money on invoices, not a contingent liability as presumed. The Tribunal found errors in solely relying on the Tax Audit Report's observation and ruled in favor of the assessee, allowing the appeal and confirming the write-off nature of the amount in question. Case-Laws Income Tax Thu, 24 Mar 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=420870