https://www.taxtmi.com/caselaws?id=176217 The High Court ruled in favor of the assessee in a case involving warranty provisions and treatment of Modvat credit. The Court allowed the provision for warranty against manufacturing defects as a deduction for all assessment years, rejecting the tax authority's contention of double claiming and tax postponement. Additionally, the Court held that the unutilized Modvat credit should not be added to the assessee's total income, following legal precedents emphasizing the treatment of liabilities and credits. The judgment favored the assessee, citing relevant case law to support its decision. en-us Thu, 20 Sep 2007 00:00:00 +0530 Tue, 14 Jul 2026 10:46:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=176217 The High Court ruled in favor of the assessee in a case involving warranty provisions and treatment of Modvat credit. The Court allowed the provision for warranty against manufacturing defects as a deduction for all assessment years, rejecting the tax authority's contention of double claiming and tax postponement. Additionally, the Court held that the unutilized Modvat credit should not be added to the assessee's total income, following legal precedents emphasizing the treatment of liabilities and credits. The judgment favored the assessee, citing relevant case law to support its decision. Case-Laws Income Tax Thu, 20 Sep 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=176217