https://www.taxtmi.com/caselaws?id=126734 The High Court upheld the Tribunal's decision allowing the assessee to deduct amounts set aside for warranty claims, rejecting the Assessing Officer's view of them as contingent liabilities. The Court affirmed that liabilities from warranties are deductible under the mercantile accounting system, based on commercial practices and past claims. The appeal was dismissed, confirming no substantial legal question existed. en-us Mon, 17 Apr 2006 00:00:00 +0530 Tue, 14 Jul 2026 10:48:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=126734 The High Court upheld the Tribunal's decision allowing the assessee to deduct amounts set aside for warranty claims, rejecting the Assessing Officer's view of them as contingent liabilities. The Court affirmed that liabilities from warranties are deductible under the mercantile accounting system, based on commercial practices and past claims. The appeal was dismissed, confirming no substantial legal question existed. Case-Laws Income Tax Mon, 17 Apr 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=126734