https://www.taxtmi.com/caselaws?id=389948 Customs duty exemption arising on issue of a duty credit certificate was treated as taxable in the year of issue under the mercantile system, because the assessee had credited the exempted amount in that year and the accounting treatment was found proper; the point was decided in favour of the assessee. Provision for doubtful advances and debts was not allowable as a deduction under section 115JB, as the retrospective amendment to Explanation 1(i) with effect from 1 April 2001 governed the computation; this point was decided in favour of the revenue. The overall result was mixed, with no interference on the income-tax treatment of the customs duty exemption. en-us Tue, 10 Dec 2019 00:00:00 +0530 Thu, 19 Dec 2019 19:26:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=389948 Customs duty exemption arising on issue of a duty credit certificate was treated as taxable in the year of issue under the mercantile system, because the assessee had credited the exempted amount in that year and the accounting treatment was found proper; the point was decided in favour of the assessee. Provision for doubtful advances and debts was not allowable as a deduction under section 115JB, as the retrospective amendment to Explanation 1(i) with effect from 1 April 2001 governed the computation; this point was decided in favour of the revenue. The overall result was mixed, with no interference on the income-tax treatment of the customs duty exemption. Case-Laws Income Tax Tue, 10 Dec 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=389948