Provision for foreseeable loss made in accordance with guidelines of AS-7 allowable

Issue- The sum and substance of the grievance of the assessee is that the Ld. CIT(A) has erred in upholding the request of the AO to disallow the future losses recognized by the company as per Accounting Standard -7 (AS-7) , as during original assessment proceedings there was no discussion or dis allowance on this ground.

Facts– The facts on record show that during remand report proceedings, the AO issued show cause notice to the assessee requiring to explain as to why 100% loss was clai

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