https://www.taxtmi.com/caselaws?id=219238 The appeal was filed against the deletion of disallowance of warranty provisions for the assessment year 2007-08. The Assessing Officer disallowed the provision as a contingent liability, but the CIT(A) and ITAT upheld the deletion based on case law, treating warranty provisions as accrued liabilities rather than contingent. The ITAT affirmed the scientific method used by the assessee in accounting for warranty provisions, leading to the dismissal of the department's appeal and confirming the deductibility of warranty provisions in computing taxable income. en-us Fri, 02 Nov 2012 00:00:00 +0530 Wed, 05 Dec 2012 09:34:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=219238 The appeal was filed against the deletion of disallowance of warranty provisions for the assessment year 2007-08. The Assessing Officer disallowed the provision as a contingent liability, but the CIT(A) and ITAT upheld the deletion based on case law, treating warranty provisions as accrued liabilities rather than contingent. The ITAT affirmed the scientific method used by the assessee in accounting for warranty provisions, leading to the dismissal of the department's appeal and confirming the deductibility of warranty provisions in computing taxable income. Case-Laws Income Tax Fri, 02 Nov 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=219238