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2020 (12) TMI 1225 - AT - Income TaxMethod of determination of provision of warranty, liability movement of warranty provisions - AR submitted that the provision of warranty is recognized by the assessee in compliance with the Accounting Standard-29 (AS-29) as prescribed by the ICAI at the time of sale and not at the time of settlement - HELD THAT:- As the assessee has been consistently following this method, which has been found by the Hon’ble ITAT, to be scientific and the conditions laid down by the Hon’ble Apex Court in in Rotork Controls India (P) Ltd [2009 (5) TMI 16 - SUPREME COURT] is also met, supra, which has also been upheld by the Hon’ble High Court, [2020 (8) TMI 768 - KARNATAKA HIGH COURT] Therefore, we do not find any merit in the Revenue’s appeal and hence, dismiss the same.
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