2023 (7) TMI 1471 - HC - Income Tax

Accrual of income - advance from customers - income liable to be taxed in the assessment year under consideration or not ? - ITAT deleted addition - HELD THAT - We are told that it is covered by the judgment of the Supreme Court in Taparia Tools Ltd 2015 (3) TMI 853 - SUPREME COURT Provision for warranty - warranty provision was a contingent liability and not an ascertained liability moreover the same was adhoc - ITAT deleted addition - HELD THAT - Proposed question is covered by the judgment of the Supreme Court rendered in Rotork Controls India (P.) Ltd 2009 (5) TMI 16 - SUPREME COURT

Summary

The High Court of Delhi heard an appeal for Assessment Year 2005-06 challenging an order also involving AYs 2006-07 and 2007-08. The appellant revenue's questions were answered in favor of the respondent/assessee based on previous Supreme Court judgments. The appeal was closed with no interference in the impugned order.