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2006 (10) TMI 143 - HC - Income TaxDealer in vehicles – amount received under “post warranty service contract” - credit balance in the post-warranty service scheme - plea of the assessee that the amount had not been transferred to the P/L A/c, did not make a difference on principle. If no liability accrued during the year, the amount could not be kept in suspense account. The same has to be treated as income - Considering the terms of the contract with the purchasers of the vehicle, any amount remaining credited in the account for more than three years from the date of credit has to be treated as income for the year thereafter and any refund claimed by any purchaser thereafter will be a permissible deduction during that relevant year
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