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2019 (12) TMI 831 - CALCUTTA HHIGH COURTDoubtful advances and debts as allowable deduction u/s 115JB - HELD THAT:- Question can be answered in favour of the revenue and against the assessee by virtue of the retrospective amendment of section 115JB explanation (1)(i) with effect from 1st April 2001. We answer the question accordingly. Customs duty exemption - mercantile system of accounting - income of the year of incremental growth in FoB value of exports of the year of receipt of certificate/licence - HELD THAT:- Under a customs notification dated 8th April 2005 the goods imported against a duty credit certificate issued under the target plus scheme in the relevant foreign trade policy were exempted from duty. This duty credit certificate was issued to star export house on the basis of incremental growth in FOB value of exports made during the financial year 2003-2004. The respondent assessee was following the mercantile system of accounting. It had accounted for the amount representing the exemption from duty in the accounts of the financial year in which the certificate was issued. This has been disallowed by the income tax authority. Assessing Officer, the Commissioner of Income Tax (Appeals) and the tribunal ruled in favour of the assessee.
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