Deduction Allowable on Warranty expenses of motor vehicles ascertained based on actual expenses incurred on settlement of warranty schemes in earlier years: ITAT [Read Order]

By Aparna. M - On September 10, 2023 11:30 am - 2 mins read
Deduction - Warranty -expenses - motor- vehicles- ascertained - actual- expenses - settlement - warranty- schemes -ITAT-TAXSCAN

The Income Tax Appellate Tribunal (ITAT)  Mumbai bench held that deduction allowable on warranty expenses of motor vehicles was ascertained based on the actual expenses incurred on settlement of warranty schemes in earlier years. Assessee, Mahindra Two Wheelers Ltd  is engaged in the business of manufacturing and selling motorized two-wheeler vehicles. After filing the return…

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