https://www.taxtmi.com/caselaws?id=261696 The Supreme Court clarified that a warranty provision is a liability measurable by estimation, recognized when certain conditions are met, including a present obligation from a past event. The Court set aside the Tribunal's decision, remanding the matter to the Assessing Officer for reconsideration in light of this ruling. The conflict between the High Court and Supreme Court judgments on tax liability provisions was resolved in favor of the Supreme Court's interpretation, leading to the appeal being allowed by remand without costs imposed. en-us Wed, 08 Jul 2015 00:00:00 +0530 Mon, 20 Jul 2015 09:46:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=261696 The Supreme Court clarified that a warranty provision is a liability measurable by estimation, recognized when certain conditions are met, including a present obligation from a past event. The Court set aside the Tribunal's decision, remanding the matter to the Assessing Officer for reconsideration in light of this ruling. The conflict between the High Court and Supreme Court judgments on tax liability provisions was resolved in favor of the Supreme Court's interpretation, leading to the appeal being allowed by remand without costs imposed. Case-Laws Income Tax Wed, 08 Jul 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=261696