Assessee-trust was established to increase access to and availability of micro-loans to eligible micro units and by providing guarantee cover to lenders (Banks\/NBFCs\/Financial Intermediaries) giving loans and advances without collaterals and\/or third party guarantees to eligible Micro Units. Assessee charged Guarantee Fees from banks against guarantee cover.\u00a0 Assessee created provision for claim payout on basis of actuarial report furnished by an independent actuary. Assessing Officer disallowed claim of assessee on ground that assessee is\u00a0 following hybrid system of accounting. CIT(A) affirmed the order of the AO. On appeal the Tribunal held that\u00a0\u00a0 since provision for claim payout created during relevant previous year was an ascertained liability, Assessing Officer is\u00a0 directed to grant deduction for provision for claim payout created during relevant previous year.\u00a0 (AY. 2019-20)<\/p>\n","protected":false},"excerpt":{"rendered":"
S.37(1): Business expenditure-Provision for claim payout on basis of actuarial report furnished by an independent actuary-Allowable as deduction. [S. 145] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-56192","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-eCk","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/56192","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=56192"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/56192\/revisions"}],"predecessor-version":[{"id":56193,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/56192\/revisions\/56193"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=56192"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=56192"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=56192"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}