https://www.taxtmi.com/caselaws?id=311988 The Appellate Tribunal dismissed the Revenue's appeal and upheld the decision of the Commissioner of Income-Tax (Appeals) concerning the disallowance related to a provision for warranty. The Tribunal found that the warranty provision was a necessary business expense for the assessee, integral to the sale price of specialized medical equipment. Applying the precedent from M/s. Rotork Control India Pvt. Ltd. vs. CIT, the Tribunal confirmed that the provision was justified under section 37 of the IT Act, as it was part of the regular accounting system and made at 2% of sales. en-us Fri, 26 Aug 2016 00:00:00 +0530 Fri, 26 Jan 2024 13:53:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=311988 The Appellate Tribunal dismissed the Revenue's appeal and upheld the decision of the Commissioner of Income-Tax (Appeals) concerning the disallowance related to a provision for warranty. The Tribunal found that the warranty provision was a necessary business expense for the assessee, integral to the sale price of specialized medical equipment. Applying the precedent from M/s. Rotork Control India Pvt. Ltd. vs. CIT, the Tribunal confirmed that the provision was justified under section 37 of the IT Act, as it was part of the regular accounting system and made at 2% of sales. Case-Laws Income Tax Fri, 26 Aug 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=311988