https://www.taxtmi.com/caselaws?id=440523 Income from duty drawback is taxable only when the right to receive it crystallises, not merely on the making of a claim; where the sanctioned amount was received only in the subsequent year, taxation in the earlier year was not justified. Interest paid on repayment of excess duty drawback was treated as compensatory, not penal, so it was allowable as a business deduction and was not barred by Explanation 1 to section 37(1). en-us Mon, 17 Jul 2023 00:00:00 +0530 Thu, 20 Jul 2023 08:30:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=440523 Income from duty drawback is taxable only when the right to receive it crystallises, not merely on the making of a claim; where the sanctioned amount was received only in the subsequent year, taxation in the earlier year was not justified. Interest paid on repayment of excess duty drawback was treated as compensatory, not penal, so it was allowable as a business deduction and was not barred by Explanation 1 to section 37(1). Case-Laws Income Tax Mon, 17 Jul 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=440523