https://www.taxtmi.com/caselaws?id=398446 The Tribunal quashed the Ld. CIT's order under section 263 of the Income Tax Act, finding that the assessee correctly accounted for gratuity, provision for warranty, and other provisions in compliance with Accounting Standards and the Companies Act. The Tribunal held that the Ld. CIT's concerns were unfounded as the AO had accepted the revised statements. Consequently, subsequent orders were deemed infructuous, with one appeal allowed and another dismissed. The delay in the order's pronouncement was attributed to the Covid-19 pandemic, referencing a relevant Tribunal decision. en-us Wed, 22 Jul 2020 00:00:00 +0530 Wed, 16 Sep 2020 13:07:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=398446 The Tribunal quashed the Ld. CIT's order under section 263 of the Income Tax Act, finding that the assessee correctly accounted for gratuity, provision for warranty, and other provisions in compliance with Accounting Standards and the Companies Act. The Tribunal held that the Ld. CIT's concerns were unfounded as the AO had accepted the revised statements. Consequently, subsequent orders were deemed infructuous, with one appeal allowed and another dismissed. The delay in the order's pronouncement was attributed to the Covid-19 pandemic, referencing a relevant Tribunal decision. Case-Laws Income Tax Wed, 22 Jul 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=398446