Case Law Details
Case Name : M/s Seagram Distilleries P. Ltd. Vs JCIT (ITAT Delhi)
Appeal Number : IT Appeal No. 4278/2010, 287/2012, 288/2012
Date of Judgement/Order : 10/07/2015
Related Assessment Year : 2006-07, 2007-08, 2008-09
Courts :
All ITAT ITAT Delhi
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Brief of the case:
The ITAT Delhi in the case of Seagram Distilleries Pvt. Ltd concluded that the provision for losses in the ordinary course of business can be allowed if the provisions are made on scientific basis. Thus, the provision in respect of breakage losses is allowable as the same have been measured scientifically taking into account the past business experience.
Facts of the case:
- The assessee company is engaged in the business of manufacturing and sale of grain neutral spirit. It claimed deduction of provision for transit breakage representing the expected losses during transportation of goods from factory to destinations.
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