https://www.taxtmi.com/caselaws?id=286706 The High Court upheld the Tribunal's decision, dismissing the Tax Appeal and concluding that disallowance of expenses claimed for a five-year warranty provision was not justified. The Tribunal highlighted the importance of consistency in estimating warranty expenses, noting the assessee's adherence to a consistent pattern over the years. The estimation based on past failure data was deemed reasonable and scientifically derived, following actuarial science principles. The Revenue's lack of objection in prior instances further supported the Tribunal's ruling against the disallowance. en-us Tue, 09 Oct 2018 00:00:00 +0530 Thu, 12 Mar 2020 07:15:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=286706 The High Court upheld the Tribunal's decision, dismissing the Tax Appeal and concluding that disallowance of expenses claimed for a five-year warranty provision was not justified. The Tribunal highlighted the importance of consistency in estimating warranty expenses, noting the assessee's adherence to a consistent pattern over the years. The estimation based on past failure data was deemed reasonable and scientifically derived, following actuarial science principles. The Revenue's lack of objection in prior instances further supported the Tribunal's ruling against the disallowance. Case-Laws Income Tax Tue, 09 Oct 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=286706