https://www.taxtmi.com/caselaws?id=431040 Duty credit scrips issued under the Served From India Scheme, when restricted to import or domestic procurement of capital goods and used only to meet excise or customs duty on those assets, were held not to constitute taxable income. The scrips were non-cash, non-transferable, and linked to foreign exchange earnings; their use merely reduced the acquisition cost of fixed assets and did not create a revenue accretion in the assessee's hands. On that basis, the credit was treated as a capital adjustment rather than a taxable revenue receipt, and the additions made on this account were unsustainable. en-us Thu, 30 Jun 2022 00:00:00 +0530 Mon, 05 Dec 2022 17:18:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=431040 Duty credit scrips issued under the Served From India Scheme, when restricted to import or domestic procurement of capital goods and used only to meet excise or customs duty on those assets, were held not to constitute taxable income. The scrips were non-cash, non-transferable, and linked to foreign exchange earnings; their use merely reduced the acquisition cost of fixed assets and did not create a revenue accretion in the assessee's hands. On that basis, the credit was treated as a capital adjustment rather than a taxable revenue receipt, and the additions made on this account were unsustainable. Case-Laws Income Tax Thu, 30 Jun 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=431040