https://www.taxtmi.com/caselaws?id=237869 The SC held that income under Section 28(iv) accrues not at the time of export but when duty-free imports are actually made. The entitlement to import benefits through advance licences and duty entitlement pass books is a contingent, hypothetical income until imports occur. Since the assessee paid tax in the year imports were made, the Revenue was not deprived of tax. The Court found the Revenue's claim academic with minimal tax impact and ruled against the Revenue, dismissing the litigation as unnecessary and unmeritorious. en-us Tue, 08 Oct 2013 00:00:00 +0530 Mon, 04 Aug 2025 14:29:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=237869 The SC held that income under Section 28(iv) accrues not at the time of export but when duty-free imports are actually made. The entitlement to import benefits through advance licences and duty entitlement pass books is a contingent, hypothetical income until imports occur. Since the assessee paid tax in the year imports were made, the Revenue was not deprived of tax. The Court found the Revenue's claim academic with minimal tax impact and ruled against the Revenue, dismissing the litigation as unnecessary and unmeritorious. Case-Laws Income Tax Tue, 08 Oct 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=237869