https://www.taxtmi.com/highlights?id=64582 Disallowance of claim of Provision for expenses - unascertained liability or not - By belated receipt of bills, the payment only gets postponed, but not the liability that has already accrued to the assessee. It is also fact that the assessee has been providing for known expenses and losses year after year and the said provision has been verified by the statutory auditors of the assessee company. - the tax authorities are not justified in holding that the Provision for expenses is an unascertained liability. - AT en-us Tue, 12 Jul 2022 13:33:42 +0530 Tue, 12 Jul 2022 13:33:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=64582 Disallowance of claim of Provision for expenses - unascertained liability or not - By belated receipt of bills, the payment only gets postponed, but not the liability that has already accrued to the assessee. It is also fact that the assessee has been providing for known expenses and losses year after year and the said provision has been verified by the statutory auditors of the assessee company. - the tax authorities are not justified in holding that the Provision for expenses is an unascertained liability. - AT Highlights Income Tax Tue, 12 Jul 2022 13:33:42 +0530 https://www.taxtmi.com/highlights?id=64582