Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2018 (12) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2018 (12) TMI 471 - BOMBAY HIGH COURTMAT computation - Tribunal deleting the disallowance of warranty provision made by AO while computing book profit Under section 115JB - Held that:- Tribunal in the earlier judgment in a detailed consideration held that the warranty liability was ascertained liability and therefore, could not have been added while computing the assessee's book profit. In the process, the Tribunal referred to and relied upon the judgment of Supreme Court in case of Rotork Controls India Private Limited [2009 (5) TMI 16 - SUPREME COURT OF INDIA]. The Tribunal also placed reliance on the decision of the Gujrat High Court in case of Inox Leisure Limited [2013 (2) TMI 353 - GUJARAT HIGH COURT] and in case of H P Tourism Development Corporation Ltd. [2013 (6) TMI 97 - HIMACHAL PRADESH HIGH COURT] If ascertained liabilities are there same cannot be added while computing alternate minimum tax. In the case under consideration, provisions made under the head gratuity, warranty and leave encashment are not contingent/unascertained and therefore same cannot be adjusted while computing book-profit u/s. 115JB - No question of law arises
|