https://www.taxtmi.com/caselaws?id=69899 The Tribunal upheld the validity of the reassessment under section 148, initiated by a second notice in 1995, as it was not time-barred and did not constitute a change of opinion. It also upheld the disallowance of the provision for an unexpired warranty, ruling it as contingent and not based on actual liabilities, aligning with the principles established by the SC in Bharat Earth Movers Ltd. The provision exceeded actual expenses, lacking scientific or actuarial basis, thus not deductible under the Income-tax Act. The Tribunal's decision reinforced the necessity for precise liability estimation for tax deductions. en-us Fri, 19 May 2006 00:00:00 +0530 Tue, 26 Mar 2024 10:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=69899 The Tribunal upheld the validity of the reassessment under section 148, initiated by a second notice in 1995, as it was not time-barred and did not constitute a change of opinion. It also upheld the disallowance of the provision for an unexpired warranty, ruling it as contingent and not based on actual liabilities, aligning with the principles established by the SC in Bharat Earth Movers Ltd. The provision exceeded actual expenses, lacking scientific or actuarial basis, thus not deductible under the Income-tax Act. The Tribunal's decision reinforced the necessity for precise liability estimation for tax deductions. Case-Laws Income Tax Fri, 19 May 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=69899