Home Highlights September 2018 Year 2018 This

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1. Provision for warranty expenses computed on basis of past experience and scientific basis is allowable. Assessee applied formula for provision though no past history was...

2. 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...

3. 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...

4. The assessee failed to substantiate the provision made for freight, material handling charges, and IT support expenses as an allowable expenditure. The assessee merely...

5. Provision of warranty - accounting policy - the provisions of warranty made by the assessee company was on the basis of the scientific and consistent method - No...

6. Provision for Warranty - The assessee had not proved the provision of warranty expenses based on any scientific method in such circumstances - Triple test was not passed...

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

8. The case pertains to the disallowance of a provision for contract losses by the CIT(A) and AO, who erroneously concluded it as an unascertained liability not deductible...

9. The assessee's claim for deduction u/s 80IA(4) was denied on the grounds that the assessee is not a developer of any infrastructure project but a simple works contractor...

10. Provision for warranty expenses - contingent liability - there has been no material placed before the AO to establish that the provision in the accounts for the warranty...

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

12. 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...

13. Provision for warranty - provision of warranty was made every year in accordance with accounting standards 29 and the provision is worked out scientifically every year...

14. 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...

15. Liquidated damages provision was disallowed as it was based on unascertained liability without probability of outflow of resources. ITAT deleted addition, holding...