https://www.taxtmi.com/caselaws?id=245772 The High Court of Calcutta upheld the Tribunal's decision that excise credit was not taxable as it was contingent on the accrual of liability under the Excise Act. The Court agreed that the credit entry was illusory and did not result in actual income for the assessee, serving only as a bookkeeping entry for presentation purposes. Despite the Revenue's argument that the credit should be treated as a revenue receipt, the Court found in favor of the assessee, ruling that the entry did not constitute assessable income due to its non-representative nature. en-us Mon, 20 Jan 2014 00:00:00 +0530 Sun, 06 Apr 2014 13:19:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=245772 The High Court of Calcutta upheld the Tribunal's decision that excise credit was not taxable as it was contingent on the accrual of liability under the Excise Act. The Court agreed that the credit entry was illusory and did not result in actual income for the assessee, serving only as a bookkeeping entry for presentation purposes. Despite the Revenue's argument that the credit should be treated as a revenue receipt, the Court found in favor of the assessee, ruling that the entry did not constitute assessable income due to its non-representative nature. Case-Laws Income Tax Mon, 20 Jan 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=245772