2018 (8) TMI 1425

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....KAR, Advocate ORAL ORDER (PER : HONOURABLE Mr. JUSTICE AKIL KURESHI) Revenue has filed this appeal challenging the judgment of the Income Tax Appellate Tribunal, Ahmedabad ["Tribunal" for short] dated 12th June 2015. Following substantial question of law was framed at the time of admission of the Appeal. "Whether, on the facts and in the circumstances of the case, the Income T....

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....visions made for damaged goods for the current year and earlier years, the Tribunal has proceeded on the basis of the assessees own case in the previous years. The Tribunal has considered the fact that the issue is squarely covered by the decision of the Tribunal in assessees own case for previous years, the facts being exactly identical in the case on hand also. 7. It is required to be n....

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....has a present obligation as a result of a past event; (b) it is probable that an outflow of resources will be required to settle the obligation and (c ) reliable estimate can be made of the amount of the obligation. The Apex Court observed that if these conditions are not met, no provision can be recognized. Therefore, we are of the view that the CIT(A) and the Tribunal have rightly disallowed the....