2015 (4) TMI 1203

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....DEY,ADVOCATES FOR THE RESPONDENT ORDER After hearing learned advocates appearing for the parties, delay is condoned. The question for consideration in the appeal, arising out of a judgment dated 29th May, 2009 pertaining to the assessment year 2004-05, is as follows; "Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal is correct in holding that the ....

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....ions of the Income-tax Act. Some companies, for example, treat write offs or expenses or liabilities as contingent liabilities. For example, there are companies which do not recognize mark-to-market loss on its derivative contracts either by creating reserve as suggested by ICAI or by charging the same to the profits and loss account in terms of Accounting Standards. Consequently, their profits an....