https://www.taxtmi.com/highlights?id=22452 Contingent liability - the warranty stood attached to the sale price of the product. It was held that warranty provisions had to be recognized because the assessee therein had a present obligation as a result of past events resulting in an outflow of resources and a reliable estimate could be made of the amount of the obligation. - deduction allowed - HC en-us Fri, 10 Apr 2015 10:37:08 +0530 Fri, 10 Apr 2015 10:37:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=22452 Contingent liability - the warranty stood attached to the sale price of the product. It was held that warranty provisions had to be recognized because the assessee therein had a present obligation as a result of past events resulting in an outflow of resources and a reliable estimate could be made of the amount of the obligation. - deduction allowed - HC Highlights Income Tax Fri, 10 Apr 2015 10:37:08 +0530 https://www.taxtmi.com/highlights?id=22452