Case Law Details
Case Name : Jacobs Engineering India Pvt. Ltd. Vs The ACIT (ITAT Mumbai)
Related Assessment Year : 2003-04
Courts :
All ITAT ITAT Mumbai
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The contention of the assessee regarding allowability of foreseeable loss is accepted in principle, However, the issue is restored to the file of AO for the purpose of quantification and calculation of the said loss in terms of Accounting Standard -7, as the same has not been done.
Deduction under Chapter VI A are to be allowed only on net income and not on gross income. The net income is to be computed after giving full effect to the provisions of sections 80AB, 32, 70, 71 & 72 of the Act. Th
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