Reversal of Disallowed Liquidated Damages Cannot Be Taxed again ITAT Chennai

Foster Wheeler (G.B.) Ltd. Vs DCIT (ITAT Chennai) ITAT Chennai: Reversal of Disallowed Provision Not Taxable — Assessee. Gets Relief on Double Taxation Under VSV Settlement Assessee, a UK-based company with a project office in India, rendered engineering & project management services to IOCL Paradip Refinery &  Reliance Industries Ltd. projects. It had created provisions for liquidated damages aggregating ₹59.50 crore in A.Ys. 2010–11 to 2013–14, part of which (₹38.26 crore) was disallowed by the Revenue in earlier assessments. In A.Y. 2018–19, upon reversal of the entire ...