https://www.taxtmi.com/caselaws?id=432430 The High Court affirmed the decisions of the Assessing Officer, Appellate Commissioner, and Tribunal, dismissing the appeal. The appellant's claim for a provision for estimated loss on contracts as a business expenditure under Section 37 of the Income Tax Act was disallowed as it was not considered an ascertained liability. The Court emphasized that Accounting Standards do not supersede the Income Tax Act and advised the appellant to claim deductions for actual losses incurred in subsequent years, following legal procedures for reopening assessments. en-us Wed, 21 Dec 2022 00:00:00 +0530 Wed, 16 Aug 2023 10:27:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=432430 The High Court affirmed the decisions of the Assessing Officer, Appellate Commissioner, and Tribunal, dismissing the appeal. The appellant's claim for a provision for estimated loss on contracts as a business expenditure under Section 37 of the Income Tax Act was disallowed as it was not considered an ascertained liability. The Court emphasized that Accounting Standards do not supersede the Income Tax Act and advised the appellant to claim deductions for actual losses incurred in subsequent years, following legal procedures for reopening assessments. Case-Laws Income Tax Wed, 21 Dec 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=432430