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2002 (12) TMI 41 - HC - Income Tax"Whether, on the facts and in the circumstances of the case and in view of the admitted position that the assessee has been following the mercantile system of accounting in respect of its business activities, the Tribunal was justified in law in holding that the export duty drawback and cash assistance from the Government is assessable in the hands of the assessee on receipt basis and not on accrual basis and consequently holding that the addition of Rs. 2,26,227 and Rs. 5,34,255 made by the Income-tax Officer are not warranted?" - we answer the above question in the affirmative, i.e., in favour of the assessee and against the Department.
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