2014 (7) TMI 1227

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....sel For the Respondent : Mr.Vivek Sood, Advocate   O R D E R 1. This appeal filed by the Revenue under Section 260A of the Income Tax Act, 1961 (Act, in short) relates to the Assessment Year 2002-03. Though several issues have been decided by the Income Tax Appellate Tribunal vide order dated 31st July, 2013, three issues/contentions have been raised before us in this appeal by th....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

...., for the Assessment Year 1996-97. The Tribunal in the impugned order in paragraph 37, has discussed the factual aspect and noticed that the respondent-assessee was providing two years warranty across all models on frame as well as engine parts sold during the previous year relevant to the Assessment Year 2002-03. It was, following the mercantile system of accounting. The Tribunal has referred to ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....sion for warranty. It should not be excessive. The aforesaid decision of the Supreme Court provides for and stipulates adjustment, in case an excessive or higher claim is made by an assessee. It is not the case of the Revenue that in fact, it was found that any excessive or wrong claim was made. Figures for warranty claims actually made would be available with the Revenue but were not pointed out ....