https://www.taxtmi.com/caselaws?id=326785 The Tribunal allowed the assessee's appeal for AY 2011-12, determining that the Rs. 62.50 crores indemnity proceeds were taxable in AY 2012-13, not in AY 2011-12. The Tribunal found that the amount represented reimbursement for expenses related to potential customs duty liability, crystallizing in AY 2012-13. It noted that taxing the amount in both years would lead to double taxation, which is impermissible. The Tribunal upheld the levy of interest under sections 234B and 234D as mandatory, directing the AO to recalculate the interest in line with its decision. en-us Mon, 29 Feb 2016 00:00:00 +0530 Mon, 25 Apr 2016 11:56:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=326785 The Tribunal allowed the assessee's appeal for AY 2011-12, determining that the Rs. 62.50 crores indemnity proceeds were taxable in AY 2012-13, not in AY 2011-12. The Tribunal found that the amount represented reimbursement for expenses related to potential customs duty liability, crystallizing in AY 2012-13. It noted that taxing the amount in both years would lead to double taxation, which is impermissible. The Tribunal upheld the levy of interest under sections 234B and 234D as mandatory, directing the AO to recalculate the interest in line with its decision. Case-Laws Income Tax Mon, 29 Feb 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=326785