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| The Tax Publishers2019 TaxPub(DT) 4278 (Mum-Trib) INCOME TAX ACT, 1961
Section 37(1)
Neither assessee was manufacturer nor had a past history in resepect of claim of warranty, thus, condition of 'a present obligation as a result of a past event' was not satisfied.
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Business expenditure - Provision for warranty - Assessee neither being manufacturer nor having past history -
Assessee engaged in trading of information and communication equipments claimed deduction of provision for warranty made by it as a percentage of turnover.Held: Neither assessee was manufacturer nor had a past history in respect of claim of warranty, thus, condition of 'a present obligation as a result of a past event' was not satisfied.
Distinguished:Rotork Control India (P) Limited v. CIT (2009) 314 ITR 62 (SC) : 2009 TaxPub(DT) 1730 (SC).
REFERRED :
FAVOUR : Against the assessee
A.Y. : 2008-09 & 2009-10
INCOME TAX ACT, 1961
Section 143(3)
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