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2014 (12) TMI 302 - GUJARAT HIGH COURTAccrual of income - Income from advance license benefit - Whether the Tribunal is right in concluding that the notional income from advance licence benefit receivable has accrued as taxable income – Held that:- Assessee contended that the income which was sought to be included without exercising the option of importing the goods by the department – Following the decision in The same issue has come up for consideration before the Full Bench of the Supreme Court in the case of Commissioner of Income-tax v. Excel Industries Ltd. [2013 (10) TMI 324 - SUPREME COURT] – income does not accrue in the year of export but in the year in which the imports are made – Decided in favour of assessee.
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