ITAT Mumbai Allows ₹978 Cr Provision for Credit Guarantee Fund Based on Actuarial Valuation

Credit Guarantee Fund For Micro Units Vs NFAC (ITAT Mumbai) ITAT Mumbai Allows ₹978 Cr Provision for Credit Guarantee Fund Based on Actuarial Valuation; Provision for claim payout made on the basis of actuary report is allowable expenditure Mumbai ITAT allows provision for claim payout of Rs. 978 crores claimed by the assessee, M/s Credit Guarantee Fund for Micro Units formed by Government of India under The Ministry of Finance. While deleting the addition, ITAT observes that the provision is created on the basis of actuarial valuation report and is therefore an ascertained liability. ITAT ...