Infrastructure facility: energy-efficient public lighting held integral to road projects, qualifying the operator as a developer and eligible for dedu...
Fourth Proviso to Section 153A: extended-period inquiry requires a reasonable, material-based satisfaction that escaped income likely exceeds the thre...
High Court applied the principle in Liberty India to hold that duty drawback, DEPB and similar remissions constitute an independent source of income and cannot be credited against cost of manufacture for purposes of deductions available to industrial undertakings; question (i) ruled against the appellant. The court remanded the matter to the assessing officer to determine and deduct excise and customs duties paid on raw material purchases from the duty drawback amount and to pass a fresh assessment reflecting that adjustment.
High Court applied the principle in Liberty India to hold that duty drawback, DEPB and similar remissions constitute an independent source of income and cannot be credited against cost of manufacture for purposes of deductions available to industrial undertakings; question (i) ruled against the appellant. The court remanded the matter to the assessing officer to determine and deduct excise and customs duties paid on raw material purchases from the duty drawback amount and to pass a fresh assessment reflecting that adjustment.
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