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2013 (12) TMI 125 - AT - Income TaxPremature sales tax payment - Held that:- The assessee has availed the benefit of Sales tax Deferral benefit scheme - The assessee prepaid a part of the said liability at it's net present value (NPV) - The assessee opted for repayment of the sales tax liability before the commencement of the scheduled repayment period on the NPV - Following Sulzer India Ltd. [2010 (11) TMI 728 - ITAT, MUMBAI] - The benefit so gained by the assessee cannot be termed as remission/cessation of liability and consequently no benefit has arisen to the assessee in terms of section 41(1)(a) - Decided in favour of assessee. Premature sales tax payment - Included or excluded form book profits - Held that:- Following Sulzer India Ltd. [2010 (11) TMI 728 - ITAT, MUMBAI] - Amount paid by the eligible unit as per the formula on the NPV made by SICOM Ltd. and if the assessee get the benefit, the said benefit is in the nature of the capital receipt - this issue in respect of the computation of the book profit u/s. 115JB of the Act has to be decided against the assessee - Decided in favor of revenue.
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