https://www.taxtmi.com/caselaws?id=462067 Tax tribunal addressed contingent liability disallowance in income tax assessment. SC held that contingent liabilities mentioned only in accounting notes, without being debited to profit and loss account, cannot be added back to taxable income. AO's addition was unjustified as the liability was not actually recognized as an expense. CIT(A)'s deletion of addition was upheld, emphasizing proper accounting treatment over technical audit report mentions. en-us Fri, 06 Dec 2013 00:00:00 +0530 Tue, 20 May 2025 15:28:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=462067 Tax tribunal addressed contingent liability disallowance in income tax assessment. SC held that contingent liabilities mentioned only in accounting notes, without being debited to profit and loss account, cannot be added back to taxable income. AO's addition was unjustified as the liability was not actually recognized as an expense. CIT(A)'s deletion of addition was upheld, emphasizing proper accounting treatment over technical audit report mentions. Case-Laws Income Tax Fri, 06 Dec 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=462067