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“Section 41(2)(b)(i)”
Section References (mined)Section 41Section 41(2)(b)(i)1 judgments
The decision most relied on for Section 41(2)(b)(i) is CIT v. Varas International (284 ITR 80), cited in 79 judgments on BharatTax.
Leading authorities on Section 41(2)(b)(i)
CIT v. Varas International
284 ITR 80 · Supreme Court
79
citing judgments
An appellate authority can admit additional legal grounds for the first time, even if not raised earlier, provided these grounds are purely legal, go to the root of the matter, and the relevant facts for their adjudication are already on record.
Mazagaon Dock Limited v. JCIT
29 SOT 356 · 2009 · ITAT
25
citing judgments
Anticipated or foreseeable losses on fixed-price construction contracts are deductible in the year the loss is foreseen, aligning with accounting standards like AS-7. This approach is supported by decisions allowing deduction of foreseeable losses based on technical estimation.
