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2016 (4) TMI 899 - AT - Income TaxTaxability of the amount received from Diageo Holdings Netherlands BV pursuant to the Indemnity Agreement - Held that:- Revenue has not disputed or controverted the fact that admittedly the assessee has offered this amount of ₹ 62.50 crores, alongwith additional amounts of reimbursements received for payment of liabilities on account of interest, fine and penalty to tax in the immediately following financial year ending 31/3/2012 relevant to the assessment year 2012-13 and the same has been accepted by the Department in the order of assessment for assessment year 2012-13 passed under section. 143(3) of the Act vide order dated 23/3/2015. Having brought to tax the aforesaid amount of ₹ 62.50 crores, as declared by the assessee, in the assessment for assessment year 2012- 13, we are of the view that it is not open to Revenue to tax the same amount once again in the assessment year 2011-12. We are of the considered opinion that the said amount of ₹ 62.50 crores is exigible to tax, as declared by the assessee, only in the financial year relevant to assessment year 2012-13 and not in the period relevant to assessment year 2011-12 as held by the authorities below. We, therefore, reverse the impugned order of the CIT(Appeals) - Decided in favour of assessee
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