Amount booked on actuarial valuation cannot be contingent

Advertisement Bosch Limited Vs ACIT (ITAT Bangalore) ITAT Bangalore held that provision for long term service award is made on actuarial valuation and amount provided for in the books of accounts based on actuarial valuation cannot be said to be contingent. Facts- The assessee has debited a sum of Rs.19,44,73,470 towards provision for doubtful debts. The assessee submitted before the AO that the provision for doubtful debts is an allowable expenditure by placing reliance on CIT vs Sandvik Asia Ltd. The AO rejected the contention of the assessee and disallowed the claim by stating that the p...