Double Taxation Avoided – Reversal of Provision Not Taxable Again: ITAT Mumbai

Nobel Biocare India Pvt. Ltd Vs ACIT (ITAT Mumbai) Double taxation avoided – Reversal of provision cannot be taxed again; Appellate authority can allow claim without revised return – ITAT Mumbai In Nobel Biocare India Pvt. Ltd. vs ACIT (A.Ys. 2013-14 & 2020-21), the key dispute for A.Y. 2013-14 concerned taxation of income arising from reversal of provisions for obsolete inventory and sales returns. The assessee had reversed the provisions and offered the amount to tax, but the same provisions were later disallowed in A.Y. 2012-13, resulting in taxation twice. The ITAT held that once t...