Supreme Court of India
M/s. Rotork Controls India (p) Ltd. v. Commissioner of Income Tax, Chennai
INSC stands for INDIAN SUPREME COURT. A neutral citation scheme assigned by the Court itself, so a judgment can be cited without depending on a commercial law reporter. INSC is the neutral citation scheme assigned by the Supreme Court, so a judgment can be cited without depending on a commercial law reporter.
1 Supreme Court bench has cited this judgment.
What the Court ordered
We hold that the principle laid down by this Court in the case of Metal Box Company of India (supra) will apply.
Judgment, page 21
From the headnote
Income Tax Act, 1961: s.37 - Provision for warranty - Estimation of contingent liability - Manufacture and sale of large number of sophisticated product for long - Every year some of the items found to be defective - Sale becoming virtually impossible without warranty - Provision for warranty made based on historical trend - Entitlement to deduction - Held: Entitled - Such obligation arising from past events to be recognized as provisions. Words and phrases: 'provision: 'liability', 'obligating event' - Meaning of, in the context of Income Tax Act, 1961. Appellant-assessee was manufacturing
Where later benches applied it
Of those, 1 referred to
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