Export profit adjustment: exporters must increase taxable profits by a share of duty remission sums when drawback credit is higher. Amendments require exporters to increase taxable profits by an amount equal to ninety per cent of specified duty-remission receipts, apportioned by the ratio of export turnover to total turnover; for larger exporters this applies separately to customs-duty-related drawback and alternative duty-remission schemes where the assessee proves both the option to choose and that the drawback credit rate attributable to customs duty exceeded the remission-scheme credit rate. Losses under the principal computation may be set off against the ninety per cent apportioned remission sums, and the Explanation is expanded to cover the additional remission clauses.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Export profit adjustment: exporters must increase taxable profits by a share of duty remission sums when drawback credit is higher.
Amendments require exporters to increase taxable profits by an amount equal to ninety per cent of specified duty-remission receipts, apportioned by the ratio of export turnover to total turnover; for larger exporters this applies separately to customs-duty-related drawback and alternative duty-remission schemes where the assessee proves both the option to choose and that the drawback credit rate attributable to customs duty exceeded the remission-scheme credit rate. Losses under the principal computation may be set off against the ninety per cent apportioned remission sums, and the Explanation is expanded to cover the additional remission clauses.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
