https://www.taxtmi.com/caselaws?id=219656 Amounts mandatorily credited into the Excise Personal Ledger Account under the statutory excise collection mechanism were treated as actual payment of duty for Section 43-B, because the deposits were linked to the assessee's duty liability rather than being voluntary advances. The provision for warranties was also allowable as a business deduction, since it arose from a present obligation triggered by past events, with probable outflow and reliable estimation of amount. Both substantive issues were therefore decided in favour of the assessee, and the revenue's appeals failed. en-us Fri, 14 Dec 2012 00:00:00 +0530 Fri, 21 Dec 2012 07:56:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=219656 Amounts mandatorily credited into the Excise Personal Ledger Account under the statutory excise collection mechanism were treated as actual payment of duty for Section 43-B, because the deposits were linked to the assessee's duty liability rather than being voluntary advances. The provision for warranties was also allowable as a business deduction, since it arose from a present obligation triggered by past events, with probable outflow and reliable estimation of amount. Both substantive issues were therefore decided in favour of the assessee, and the revenue's appeals failed. Case-Laws Income Tax Fri, 14 Dec 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=219656