respect of incomplete contracts. Proceeding further, he referred to the matching concept as dealt with by the Hon'ble Bombay High Court ... Taparia Tools Ltd., 260 ITR 102. According to him, the expenditure must match with the income. Therefore, expenditure incurred cannot be allowed as deduction unless
nominally in comparison to the amount of provision made. Based on
materiality concept, the amount of provision made, can't be termed
as unascertained ... accounting because it fulfills accrual concept as well as the matching
concept. Detailed product wise computation of provision of warranty
and warranty expenses utilized/reversed
higher rate of 80%. This is in line with the
matching concept ... enunciated under AS-I requiring Revenue to be
matched with cost. Based upon the matching concept and Revenue
friendly concept, the offering of service line
case. The learned Counsel for
the Revenue had strongly argued that matching
concept is to be applied, as per which part of the
expenditure ... ensuing
years, it can be allowed only if the principle of
matching concept is satisfied, which upto now has
been restricted to the cases
Coforge Limited (Formerly Known As Niit ... vs Acit on 5 July, 2021
Author: Rajiv Shakdher
M/S. Aamby Valley Ltd., Mumbai vs Acit, New Delhi on 22 February, 2019
IN
accounting
and in order to comply with generally accepted principle of matching
concept wherein incomes are to be matched with costs for the relevant
period
method is more appropriate as it goes
with the matching concept of successful exploration and the amount of
reduction in the costs
Dcit, New Delhi vs M/S. Delhi International Airport Pvt. ... on 14 December, 2017
INCOME
Income-Tax Officer,, vs Pimpri Chinchwad New Town Dev. ... on 27 June, 2019
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