2015 (4) TMI 1203

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....ELLANT MR.P.JHUNJHUNWALA, MR.A.K.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 Appel....

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....vided in the Companies Act, do not override the provisions 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 o....