https://www.taxtmi.com/caselaws?id=180610 The Tribunal dismissed departmental appeals, upheld CIT(A)'s decision on provision for slow moving finished goods, allowed cross objection for AY 2001-02, and partly allowed cross objection for AY 2004-05. The Tribunal emphasized the consistent method of accounting for inventories and the need for a live link between reasons and belief of income escaping assessment in proceedings u/s 147. It disagreed with disallowing provision for warranty services as contingent liabilities for book profit calculation under Minimum Alternate Tax Provision, stating it did not fall under diminution in asset value. en-us Fri, 12 Nov 2010 00:00:00 +0530 Wed, 30 Mar 2016 15:38:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=180610 The Tribunal dismissed departmental appeals, upheld CIT(A)'s decision on provision for slow moving finished goods, allowed cross objection for AY 2001-02, and partly allowed cross objection for AY 2004-05. The Tribunal emphasized the consistent method of accounting for inventories and the need for a live link between reasons and belief of income escaping assessment in proceedings u/s 147. It disagreed with disallowing provision for warranty services as contingent liabilities for book profit calculation under Minimum Alternate Tax Provision, stating it did not fall under diminution in asset value. Case-Laws Income Tax Fri, 12 Nov 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=180610