https://www.taxtmi.com/caselaws?id=754459 The Bombay HC dismissed the Revenue's appeal addressing three taxation issues. First, regarding Rs. 15.23 crores saved through pre-paid sales tax at discounted value, the court following SC precedent in Balkrishna's case held this constituted capital receipt, not taxable revenue. Second, on DEPB/Focus Market License benefits, following Excel Industries Ltd. SC decision, the court ruled these represented hypothetical income that may not materialize, hence not taxable. Third, concerning fire-related profit loss and repair expenses not covered by insurance, following Leisure Wear Exports Ltd. precedent, the court held unenforceable insurance claims without company acceptance cannot constitute accrued taxable income. en-us Fri, 14 Jun 2024 00:00:00 +0530 Tue, 25 Jun 2024 08:37:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=754459 The Bombay HC dismissed the Revenue's appeal addressing three taxation issues. First, regarding Rs. 15.23 crores saved through pre-paid sales tax at discounted value, the court following SC precedent in Balkrishna's case held this constituted capital receipt, not taxable revenue. Second, on DEPB/Focus Market License benefits, following Excel Industries Ltd. SC decision, the court ruled these represented hypothetical income that may not materialize, hence not taxable. Third, concerning fire-related profit loss and repair expenses not covered by insurance, following Leisure Wear Exports Ltd. precedent, the court held unenforceable insurance claims without company acceptance cannot constitute accrued taxable income. Case-Laws Income Tax Fri, 14 Jun 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=754459