{"id":9964,"date":"2020-02-18T12:14:31","date_gmt":"2020-02-18T12:14:31","guid":{"rendered":"http:\/\/itatonline.org\/digest\/dcit-v-agc-network-ltd-2020-180-itd-204-mum-trib-3\/"},"modified":"2020-02-18T12:14:31","modified_gmt":"2020-02-18T12:14:31","slug":"dcit-v-agc-network-ltd-2020-180-itd-204-mum-trib-3","status":"publish","type":"post","link":"https:\/\/itatonline.org\/digest\/dcit-v-agc-network-ltd-2020-180-itd-204-mum-trib-3\/","title":{"rendered":"DCIT v. AGC Network Ltd. (2020) 180 ITD 204 (Mum.)(Trib.)"},"content":{"rendered":"<p>Tribunal held that that there is no such thumb rule either in Accounting Standards or elsewhere to restrict the provision to within the range of 10 per cent of the actual expenditure. It is worth mentioning; the assessee has reversed the provision in the subsequent year and offered to tax. This fact has not been disputed by the Department. Therefore, the ratio laid down in case of CIT v. Excel Industries Ltd. [2013] 358 ITR 295 (SC) would apply. More so, when the assessee is consistently following this accounting method from past years the provision made is held to be allowable as deduction. As regards change in method of accounting, matter remanded\u00a0 to the AO. (AY. 2005-06, 2009-10)<\/p>\n","protected":false},"excerpt":{"rendered":"<p>S. 37(1) : Business expenditure\u2013Provision for liability on estimated basis \u2013Held to be allowable as deduction\u2013Change in method of accounting \u2013 Matter remanded. [S.145, AS-1]<\/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":[1],"tags":[],"class_list":["post-9964","post","type-post","status-publish","format-standard","hentry","category-digest"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-2AI","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/9964","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=9964"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/9964\/revisions"}],"predecessor-version":[{"id":9965,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/9964\/revisions\/9965"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=9964"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=9964"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=9964"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}