https://www.taxtmi.com/caselaws?id=429655 The Court upheld the reassessment under Section 148 of the Income Tax Act, ruling that the Assessing Officer had the authority to reassess based on the amended provisions of Section 147. The Court also affirmed the disallowance of the provision for warranty as a deduction, agreeing that it was a contingent liability without sufficient basis in past experience or scientific analysis. The appeal was dismissed, with the Court supporting both the reassessment and the disallowance of the provision for warranty. en-us Wed, 26 Oct 2022 00:00:00 +0530 Tue, 01 Nov 2022 13:13:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=429655 The Court upheld the reassessment under Section 148 of the Income Tax Act, ruling that the Assessing Officer had the authority to reassess based on the amended provisions of Section 147. The Court also affirmed the disallowance of the provision for warranty as a deduction, agreeing that it was a contingent liability without sufficient basis in past experience or scientific analysis. The appeal was dismissed, with the Court supporting both the reassessment and the disallowance of the provision for warranty. Case-Laws Income Tax Wed, 26 Oct 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=429655