Home Highlights September 2013 Year 2013 This

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1. Disallowance of provision of warranty - The provision made by the assessee was ascertained based on the actual expenses incurred on settlement of warranty schemes in...

2. Additional provision for warranty Claim - Tribunal allowed normal warranty, extended warranty, however denied additional provision for warranty on domestic sales claimed...

3. Contingent liability - the warranty stood attached to the sale price of the product. It was held that warranty provisions had to be recognized because the assessee...

4. Disallowance of Provision for Warranty - Absence of scientific method adopted by the assessee - The assessee has submitted that the period of warranty is maximum for one...

5. Disallowance being provision made for warranty expenses - The assessee’s warranty provision equally lack in the proper accounting / calculating factors and, therefore,...

6. Valuation - sale of Gypsum - mere bifurcation of the sale price of the goods in a mutual contract between the parties under a separate bargain or even a common bargain...

7. Levy of differential Additional Duty of Customs - Valuation for CVD - In this case since the goods are not sold to the consumer there cannot be a retail sale price. The...

8. Provision for warranty - assessee derived advantage by deferring its income to the extent of excess warranty provision to subsequent years. Therefore, such excess...

9. CENVAT credit - sales commission - there need not be manufacture unless there is sale of product. Hence, the commission paid on sales becomes part of sales promotion...

10. Deductible expenses u/s 37 - provisions for warranty claims - The Tribunal upheld the practice of making provisions for warranty based on a reasonable estimation method...

11. E-commerce business - Selling at a price lower than the cost price - unless certain provisions such as Section 145(3)are invoked, the AO is not empowered to go beyond...

12. Disallowance for warranty expenses - assessee is entitled to change the method of accounting with respect to claim of warranty expenses from ‘actual basis’ to ‘provision...

13. Business expenses claimed under the head of “Provision for Warranty Expenses” - addition u/s 37 - Assessee company has not committed any error in making provisions...

14. The appellant provides warranty services to customers who purchased machines from its parent company, receiving commission on sales. The appellant made provisions in its...

15. Proportionate disallowance of depreciation on computer and software, based on the number of employees of the assessee - keeping extra computer for meeting any emergent...