Asst.CIT v. Ashok Buildcon Pvt Ltd.

DCIT, Central Circle - 2(1), Kolkata vs. M/S. Paharpur Cooling Towers Ltd., Kolkata

Bench: Shri S.S.Godara & Dr. A.L.Saini

…rds by the Revenue, reversing the findings of the learned CIT(A) , we direct the AO to recompute the business profits by allowing the losses provided by the assessee in its books. The appeal filed by the assessee is allowed Asst.CIT Vs Ashok Buildcon Pvt Ltd (170 TTJ 19) (ITAT Mumbai) 8. At the time of hearing, the learned Representative submitted that a similar situation had arisen before the Mumbai Bench of the Tribunal in the case of Asstt. CIT v, ITD Cementation India Ltd. [2014] 146 ITD 59/[2013] 36 taxmann.com 74 (Mumbai) wherein a provision made for foreseeable losses was allowed as a deduction. Apart ther…

DCIT, Central Circle - 2(1), Kolkata vs. M/S. Paharpur Cooling Towers Ltd., Kolkata

Bench: Shri S.S.Godara & Dr. A.L.Saini

…rds by the Revenue, reversing the findings of the learned CIT(A) , we direct the AO to recompute the business profits by allowing the losses provided by the assessee in its books. The appeal filed by the assessee is allowed Asst.CIT Vs Ashok Buildcon Pvt Ltd (170 TTJ 19) (ITAT Mumbai) 8. At the time of hearing, the learned Representative submitted that a similar situation had arisen before the Mumbai Bench of the Tribunal in the case of Asstt. CIT v, ITD Cementation India Ltd. [2014] 146 ITD 59/[2013] 36 taxmann.com 74 (Mumbai) wherein a provision made for foreseeable losses was allowed as a deduction. Apart ther…

DCIT, Central Circle - 2(1), Kolkata vs. M/S. Paharpur Cooling Towers Ltd., Kolkata

Bench: Shri S.S.Godara & Dr. A.L.Saini

…rds by the Revenue, reversing the findings of the learned CIT(A) , we direct the AO to recompute the business profits by allowing the losses provided by the assessee in its books. The appeal filed by the assessee is allowed Asst.CIT Vs Ashok Buildcon Pvt Ltd (170 TTJ 19) (ITAT Mumbai) 8. At the time of hearing, the learned Representative submitted that a similar situation had arisen before the Mumbai Bench of the Tribunal in the case of Asstt. CIT v, ITD Cementation India Ltd. [2014] 146 ITD 59/[2013] 36 taxmann.com 74 (Mumbai) wherein a provision made for foreseeable losses was allowed as a deduction. Apart ther…

M/S. Spml Infra Limited, Kolkata vs. DCIT, Circle - 8(2), Kolkata

In the result, the appeal of the assessee in ITA No

Bench: Shri S.S.Godara, Jm &Dr. A.L.Saini, Am आयकरअपीलसं./Ita No.1228/Kol/2018 ("नधा"रणवष" / Assessment Year:2011-12)

…in the audited accounts of the company is an allowable expenditure.” We note that same view was upheld by the Coordinate Bench of ITAT (Mumbai) and Pune in case of ACIT vs. ITD Cementation India Ltd. [146 ITD 59] and in case of ACIT vs. Ashoka Buildcon Ltd. [170 TTJ 19] respectively. 20. We note that ld CIT(A) deleted the addition, observing the followings: “These grounds are regarding disallowance made by the AOFuture loss of Rs. 14,83,51,419/-. The AO has made the disallowance on the ground that the future losses were in the nature of an unascertained and anticipated liability. The Assessing Officer was of t…

DCIT, Circle - 8(2), Kolkata vs. M/S. Spml Infra Limited, Kolkata

In the result, the appeal of the assessee in ITA No

Bench: Shri S.S.Godara, Jm &Dr. A.L.Saini, Am आयकरअपीलसं./Ita No.1228/Kol/2018 ("नधा"रणवष" / Assessment Year:2011-12)

…in the audited accounts of the company is an allowable expenditure.” We note that same view was upheld by the Coordinate Bench of ITAT (Mumbai) and Pune in case of ACIT vs. ITD Cementation India Ltd. [146 ITD 59] and in case of ACIT vs. Ashoka Buildcon Ltd. [170 TTJ 19] respectively. 20. We note that ld CIT(A) deleted the addition, observing the followings: “These grounds are regarding disallowance made by the AOFuture loss of Rs. 14,83,51,419/-. The AO has made the disallowance on the ground that the future losses were in the nature of an unascertained and anticipated liability. The Assessing Officer was of t…