Contingent liabilities cannot be added to income merely on the basis of tax audit report
June 21, 2025
Income Tax, ITAT
Contingent liabilities not debited to profit and loss account cannot be added merely on the basis of disclosure in the tax audit report – ITATÂ In a recent judgment, ITAT Ahmedabad deleted adjustment made by CPC u/s 143(1)(a) holding that contingent liabilities which are not debited to the …
