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Reversal of Disallowed Liquidated Damages Cannot Be Taxed again ITAT Chennai
Case Law Details
- Case Name
- Foster Wheeler (G.B.) Ltd. Vs DCIT (ITAT Chennai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2018-19
- Courts
- All ITAT, ITAT Chennai
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Foster Wheeler (G.B.) Ltd. Vs DCIT (ITAT Chennai)
ITAT Chennai: Reversal of Disallowed Provision Not Taxable — Assessee. Gets Relief on Double Taxation Under VSV Settlement
Assessee, a UK-based company with a project office in India, rendered engineering & project management services to IOCL Paradip Refinery & Reliance Industries Ltd. projects. It had created provisions for liquidated damages aggregating ₹59.50 crore in A.Ys. 2010–11 to 2013–14, part of which (₹38.26 crore) was disallowed by the Revenue in earlier assessments. In A.Y. 2018–19, upon reversal of the entire ...
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