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2016 (10) TMI 413 - HC - Income TaxAllowability of share issue expenses incurred - whether expenses incurred are for raising capital for purchase of plant and machinery should be capitalized and depreciation be allowed on the same - Held that:- The issues raised herein stand concluded against the Revenue by order of this Court in The Commissioner of Income Tax VI Versus M/s. Glaxo India Ltd. [2013 (2) TMI 789 - BOMBAY HIGH COURT] Accrual of Income - Advance license receivable - whether to be taxed in the year in which the benefits actually accrue after the imports are effected and not in the year in which the licence is granted tot he licensee/assessee? - Held that:- The issue now stands concluded by the decision of the Apex Court in Commissioner of Income Tax Vs. Excel Industries Ltd. (2013 (10) TMI 324 - SUPREME COURT ) wherein held income does not accrue in the year of export but in the year in which the imports are made.Even if it is assumed that the assessee was entitled to the benefits under the advance licences as well as under the duty entitlement pass book, there was no corresponding liability on the customs authorities to pass on the benefit of duty free imports to the assessee until the goods are actually imported and made available for clearance. The benefits represent, at best, a hypothetical income which may or may not materialise and its money value is therefore not the income of the assessee. Disallowance of penalty paid to Central Excise Authorities- Held that:- The issue raised herein stands concluded against the revenue by the decision of this Court in International Fisheries Ltd. ( 2010 (3) TMI 291 - BOMBAY HIGH COURT ) wherein held as there was no breach of the provisions of the Sales Tax Act as such and it was justifiably held to be eligible for deduction..
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