https://www.taxtmi.com/caselaws?id=406692 The Tribunal upheld the disallowance of the provision for warranty expenses made by the Assessing Officer, dismissing the appeal of the assessee. It found that the provision was excessive and not based on a reliable estimate or consistent method, as required by the 'matching concept.' The Tribunal also rejected the alternate claim for actual warranty expenses, stating that the assessee did not separately account for these expenses. The penalty proceedings under section 271(1)(c) were deemed consequential and not separately adjudicated. en-us Fri, 16 Apr 2021 00:00:00 +0530 Wed, 21 Apr 2021 08:16:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=406692 The Tribunal upheld the disallowance of the provision for warranty expenses made by the Assessing Officer, dismissing the appeal of the assessee. It found that the provision was excessive and not based on a reliable estimate or consistent method, as required by the 'matching concept.' The Tribunal also rejected the alternate claim for actual warranty expenses, stating that the assessee did not separately account for these expenses. The penalty proceedings under section 271(1)(c) were deemed consequential and not separately adjudicated. Case-Laws Income Tax Fri, 16 Apr 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=406692