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2014 (11) TMI 730 - HC - Income TaxTaxability of cash incentive and duty draw back - Whether the amount on account of cash incentive and duty draw back, though claimed but not received actually by the assessee, would be taxable under the Income Tax Act – Held that:- As decided in Commissioner of Income-tax, Patiala Versus Sriyansh Knitters (P.) Ltd. [2010 (10) TMI 638 - PUNJAB AND HARYANA HIGH COURT] It has been decided that before quantification based on verification, no income could be held to have accrued to the assessee - no income accrued till claim of the assessee was quantified and verified - assessee submits that the cash incentive and duty draw back, for AY 1983-84, was eventually adjusted in AY 1986-87 – Decided against revenue.
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