Misdeclaration of quantity rejected where supplier evidence established counting errors, so reassessment, confiscation and redemption fine were set as...
Admissibility of electronic evidence controls valuation and penalty exposure; non compliant e records and statements nullify revaluation and penalties...
Warranty provision computed on a scientific basis was treated as deductible where it reflected a present obligation from past events, was likely to result in an outflow of resources, and could be reliably estimated; reopening on the same record was quashed because it ignored the governing principle on deductible warranty liability and material already disclosed. Reopening over forfeited security deposits linked to C-Forms was also invalid because the assessee had already disclosed the customer-wise details and the use of the amounts to meet sales tax liability, so the attempt amounted only to a change of opinion. On both grounds, reassessment was set aside.
Warranty provision computed on a scientific basis was treated as deductible where it reflected a present obligation from past events, was likely to result in an outflow of resources, and could be reliably estimated; reopening on the same record was quashed because it ignored the governing principle on deductible warranty liability and material already disclosed. Reopening over forfeited security deposits linked to C-Forms was also invalid because the assessee had already disclosed the customer-wise details and the use of the amounts to meet sales tax liability, so the attempt amounted only to a change of opinion. On both grounds, reassessment was set aside.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4824 
Join Channel 
