Specified income of Baddi Barotiwala Nalagarh Development Authority receives conditional tax exemption, retrospectively covering its designated assess...
Specified development authority income receives retrospective tax exemption, subject to non-commercial activity, unchanged income sources, and return-...
Unified Brand India framework introduces voluntary Trust Mark certification and funding support for export branding, packaging and global promotional ...
Origin Declaration authentication governs preferential tariff claims under India-UK CETA, requiring a validated reference number before import clearan...
Separate assessment orders for different years remain valid when distinct notices and hearing opportunities prevent prejudice from combined proceeding...
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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