Provision, if commercially prudent and contractually required, is not merely permissible but necessary and cannot be equated with uncertain or notional liabilities: Delhi HC Delhi HC recently held on allowability of Asset Reconstruction Cost (ARC) as a business expenditure under Section 37(1) of the Income Tax Act, 1961, rejecting the Assessing Officer’s view that…
The post Provision, if commercially prudent and contractually required, is not merely permissible but necessary and cannot be equated with uncertain or notional liabilities: Delhi HC appeared first on The Tax Talk.
