https://www.taxtmi.com/caselaws?id=126877 The court held that the provision for warranty charges is a definite business liability allowable as a deduction for the assessee-company, based on a scientific basis and consistent policy applied globally. The court affirmed that the provision was not a contingent liability but a liability in presentie, allowing for the deduction during the relevant assessment years. The appeals were dismissed, confirming the entitlement of the assessee to make such provisions. en-us Fri, 25 Sep 2009 00:00:00 +0530 Fri, 31 Oct 2014 12:51:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=126877 The court held that the provision for warranty charges is a definite business liability allowable as a deduction for the assessee-company, based on a scientific basis and consistent policy applied globally. The court affirmed that the provision was not a contingent liability but a liability in presentie, allowing for the deduction during the relevant assessment years. The appeals were dismissed, confirming the entitlement of the assessee to make such provisions. Case-Laws Income Tax Fri, 25 Sep 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=126877