Scope of intermediary status for data hosting services: tribunal finds provider not intermediary, services exported and not taxable, limited remand on...
CENVAT credit availability after omission of Rule 12B in textiles confirmed; late addendum to SCN introducing new grounds held time-barred and invalid...
Export of Wheat Flour and related products subject to online allocation, eligibility criteria, non-transferable six-month authorisations and reporting...
Straight-line lease rental accounting change results in penalty quashed where disclosed accounts and bona fide arguable accounting interpretation exis...
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Duty drawback is specifically governed by section 145B(3), which deems it taxable as income of the previous year in which it is actually received, if not charged in an earlier year. Applying that statutory rule, the Tribunal held that taxing sanctioned duty drawback on an accrual basis during the year under consideration was unsustainable, even though the assessee followed the mercantile system. The addition was deleted and the appeal was allowed.
Duty drawback is specifically governed by section 145B(3), which deems it taxable as income of the previous year in which it is actually received, if not charged in an earlier year. Applying that statutory rule, the Tribunal held that taxing sanctioned duty drawback on an accrual basis during the year under consideration was unsustainable, even though the assessee followed the mercantile system. The addition was deleted and the appeal was allowed.
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