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Provision for taxation

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Querist : Anonymous

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Querist : Anonymous (Querist)
01 July 2013 Dear members,

The Company has gone for appeal for the assessment year 2010-11 however, the Company has not yet received the final order but still in this year has created a provision in the current year for the Additional demand raised by the department so whether the provision can be made eventhough the final order is not received for the tribunal?
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Karan Teli

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Karan Teli (Expert)
01 July 2013 Yes. As per accounting standard 4 and prudence concept, the same is applicable. To justify more their should be higher chances of creating a provision provided reasonable amount is been quantified. The treatment is correct prima facie
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