Contingent liability - the warranty stood attached to the sale ...

Warranty Provisions Recognized as Contingent Liabilities Due to Current Obligations from Past Events, Allowing Deductions.

April 10, 2015

Case Laws Income Tax HC

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 therein had a present obligation as a result of past events resulting in an outflow of resources and a reliable estimate could be made of the amount of the obligation. - deduction allowed - HC

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Contingent liability - the warranty stood attached to the sale ...

Warranty Provisions Recognized as Contingent Liabilities Due to Current Obligations from Past Events, Allowing Deductions.

April 10, 2015

Case Laws Income Tax HC

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