Receipt of immovable property requires actual possession or enjoyment; redevelopment allotments exchanged for tenancy rights fall outside deemed incom...
Section 80P deduction covers Souharda credit societies, including qualifying surplus-deposit interest, subject to member KYC verification for cash dep...
Transfer-pricing benchmarking and capital-receipt principles sustained taxpayer relief, while unsupported property-advance write-offs remained disallo...
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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