https://www.taxtmi.com/caselaws?id=25900 The excise duty rebate and customs drawback, along with the interest on fixed deposits, were found not to be assessable as income in the hands of the assessee for the relevant assessment years. The High Court determined that these amounts were diverted to foreign buyers under agreements, establishing an "overriding title" in favor of the buyers, and thus were not the real income of the assessee. Consequently, both issues were decided in favor of the assessee, leading to a conclusion that these amounts were not taxable as income. en-us Tue, 09 Sep 1986 00:00:00 +0530 Mon, 01 Feb 2010 15:47:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=25900 The excise duty rebate and customs drawback, along with the interest on fixed deposits, were found not to be assessable as income in the hands of the assessee for the relevant assessment years. The High Court determined that these amounts were diverted to foreign buyers under agreements, establishing an "overriding title" in favor of the buyers, and thus were not the real income of the assessee. Consequently, both issues were decided in favor of the assessee, leading to a conclusion that these amounts were not taxable as income. Case-Laws Income Tax Tue, 09 Sep 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=25900