https://www.taxtmi.com/caselaws?id=219195 The Court ruled in favor of the assessee in a case involving the treatment of provision for warranty and disallowance of "slow moving finished goods" for income tax purposes. The Court upheld the Tribunal's decision that the provision for warranty should not be considered a provision for diminution in asset value under Section 115JB of the Income Tax Act, 1961. Additionally, the Court supported the Tribunal's decision to set aside the disallowance related to slow-moving finished goods, finding the assessee's method of accounting based on commercially accepted principles to be reasonable and scientific. The Court dismissed the revenue's appeals, favoring the assessee in all aspects. en-us Mon, 19 Nov 2012 00:00:00 +0530 Fri, 07 Dec 2012 22:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=219195 The Court ruled in favor of the assessee in a case involving the treatment of provision for warranty and disallowance of "slow moving finished goods" for income tax purposes. The Court upheld the Tribunal's decision that the provision for warranty should not be considered a provision for diminution in asset value under Section 115JB of the Income Tax Act, 1961. Additionally, the Court supported the Tribunal's decision to set aside the disallowance related to slow-moving finished goods, finding the assessee's method of accounting based on commercially accepted principles to be reasonable and scientific. The Court dismissed the revenue's appeals, favoring the assessee in all aspects. Case-Laws Income Tax Mon, 19 Nov 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=219195