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2014 (5) TMI 1029 - AT - Income TaxIncome or not - Whether excise duty refund claim made by the assessee is income under the Act u/s 28(iii) - Held that:- CIT(Appeals) held that when the business of the assessee is not yet set up then the question on assessing income of the assessee company to the Previous Year does not arise. Even otherwise the excise duty on the question was of material used for construction/erection of the project, which is in the capital filed and the refund of the same goes to reduce the cost of the assessee. Hence we uphold the order of the First Appellate Authority and dismiss this appeal by the Revenue. - Decided against Revenue.
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