https://www.taxtmi.com/caselaws?id=213815 The Court ruled in favor of the Revenue regarding the exemption on the sale proceeds of exim scrips under Section 10B, setting aside the Tribunal's order. The Court rejected the Revenue's plea to disallow the deduction on gift articles as advertisement expenses, affirming that presenting small gifts on festival occasions did not constitute advertisement. Additionally, the Court upheld the assessee's exclusion of the value of customs duty from the closing stock, based on the new valuation method adopted and the modvat benefit claimed against excise duty liability. The judgment provided detailed analysis and legal references supporting these decisions. en-us Mon, 23 Apr 2012 00:00:00 +0530 Thu, 07 Jun 2012 08:37:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=213815 The Court ruled in favor of the Revenue regarding the exemption on the sale proceeds of exim scrips under Section 10B, setting aside the Tribunal's order. The Court rejected the Revenue's plea to disallow the deduction on gift articles as advertisement expenses, affirming that presenting small gifts on festival occasions did not constitute advertisement. Additionally, the Court upheld the assessee's exclusion of the value of customs duty from the closing stock, based on the new valuation method adopted and the modvat benefit claimed against excise duty liability. The judgment provided detailed analysis and legal references supporting these decisions. Case-Laws Income Tax Mon, 23 Apr 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=213815