Provision of future expense allowed as deduction u/s. 37(1) based on matching principle of accountancy

Advertisement Wheatons Design Private Limited Vs ACIT/DCIT (ITAT Jaipur) ITAT Jaipur held that claim on account of provision of future expense is allowable under section 37(1) of the Income Tax Act as per matching principle of accountancy. Accordingly, appeal is allowed. Facts- The assessee company is a construction contractor and also engaged in the business of manufacturing and trading of furniture and fixtures. The present appeal has been preferred by the assessee mainly contesting against disallowance of claim of provision for future expenses of Rs. 34,60,713/-under section 37(1) of the...