Introducing the “In Favour Of” filter in Case Laws.
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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Interest on compensation treated as income upon receipt; section 276 overridden. Export incentives recognized when realization is certain.</h1> Interest received by an assessee on compensation or enhanced compensation is considered income for the tax year it is received, overriding section 276. Claims for contract price escalation or export incentives are recognized as income in the tax year when their realization becomes reasonably certain. Income specified in section 2(49)(w) is treated as income for the tax year it is received, provided it was not previously taxed.
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