https://www.taxtmi.com/caselaws?id=20680 The Court ruled in favor of the Revenue, affirming the disallowance of deferred and special rebates in computing taxable income from a shipping business under section 44B of the Income-tax Act. The Court emphasized that these rebates were granted after the accrual of income and therefore were not deductible under section 44B. The Tribunal's decision was upheld, stating that the rebates did not alter the total freight income and were not relevant for calculating chargeable income under section 44B. No costs were awarded in the case. en-us Mon, 09 Apr 1990 00:00:00 +0530 Mon, 16 Nov 2009 15:33:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=20680 The Court ruled in favor of the Revenue, affirming the disallowance of deferred and special rebates in computing taxable income from a shipping business under section 44B of the Income-tax Act. The Court emphasized that these rebates were granted after the accrual of income and therefore were not deductible under section 44B. The Tribunal's decision was upheld, stating that the rebates did not alter the total freight income and were not relevant for calculating chargeable income under section 44B. No costs were awarded in the case. Case-Laws Income Tax Mon, 09 Apr 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=20680