Home Highlights March 2014 Year 2014 This

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

2. Allowable expense u/s 37(1) - provisions for claim Incurred but Not Reported (IBNR) and claim Incurred But Not Enough Reported (IBNER) - whether such provisions are in...

3. 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...

4. Business expenses claimed under the head of “Provision for Warranty Expenses” - addition u/s 37 - Assessee company has not committed any error in making provisions...

5. Disallowance on account of provision for expenses made under normal provisions of the Act as well as in the computation of book profits u/s.115JB - The assessee company...

6. 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...

7. Ad-hoc disallowances of the expenses - the expenses claimed for the purpose of the business cannot be disallowed merely on the reasoning that these expenses were...

8. 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...

9. 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...

10. Business expenditure u/s 37 -invocation of explanation to section 37 is uncalled for as the assessee has not made any expenses for purchase of diamonds rather entire...

11. Nature of expenditure - expenses of loss on account of fire - revenue or capital expenditure - The assessee incurred the expenses to bring the building in the same form...

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. MAT u/s 115JB - The findings of the ld.CIT(A) holding the impugned expenses to be not in the nature of prior period expenses, but confirming the adjustment made to the...

14. Addition u/s 69C - Unexplained expenses/premium - assessee did not furnish the source of payment of such expenses/premium - The case of assessee throughout the...

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