Dismissing the appeal the Court held that  despite being specifically asked to do so, the assessee had not explained how the total contract costs would exceed the total contract revenue either before the lower authority or before the first appellate authority or before the Tribunal. A reading of the order passed by the Appellate Commissioner also indicated that the assessee had not demonstrated its case despite specific opportunity being given. Barring reference to Accounting Standard 7 for recognition of estimated loss  there was no explanation on the facts by the assessee. The Tribunal was right in not allowing provision for estimated loss on contracts. (AY.2011-12)