https://www.taxtmi.com/caselaws?id=65039 A contractual warranty on refrigerators and deep-freezers in closing stock was held not to be inventory, because it was treated as an intangible contractual right to sue and not tangible property; the stock addition was therefore deleted. Additions for the managing director's car use and telephone expenses were sustained because they had been accepted in the preceding year and no contrary basis was shown. Bonus paid at 20% under the terms of employment was treated as an enforceable service condition forming part of remuneration, so the disallowance was deleted and the deduction allowed. en-us Wed, 21 May 1986 00:00:00 +0530 Fri, 11 Feb 2011 18:07:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=65039 A contractual warranty on refrigerators and deep-freezers in closing stock was held not to be inventory, because it was treated as an intangible contractual right to sue and not tangible property; the stock addition was therefore deleted. Additions for the managing director's car use and telephone expenses were sustained because they had been accepted in the preceding year and no contrary basis was shown. Bonus paid at 20% under the terms of employment was treated as an enforceable service condition forming part of remuneration, so the disallowance was deleted and the deduction allowed. Case-Laws Income Tax Wed, 21 May 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=65039