https://www.taxtmi.com/caselaws?id=761111 Income tax is chargeable only on real income that has actually accrued, so an addition based merely on mercantile book entries for an unaccrued excise duty amount was unsustainable and deleted. An excise duty exemption was also held not to fall within the expanded definition of income under Section 2(24)(xviii) because it was an exemption from payment, not a subsidy, grant, or similar cash assistance intended to meet project cost; it was therefore treated as a capital receipt rather than taxable income. The assessee's position was upheld on both grounds. en-us Thu, 31 Oct 2024 00:00:00 +0530 Mon, 18 May 2026 09:58:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=761111 Income tax is chargeable only on real income that has actually accrued, so an addition based merely on mercantile book entries for an unaccrued excise duty amount was unsustainable and deleted. An excise duty exemption was also held not to fall within the expanded definition of income under Section 2(24)(xviii) because it was an exemption from payment, not a subsidy, grant, or similar cash assistance intended to meet project cost; it was therefore treated as a capital receipt rather than taxable income. The assessee's position was upheld on both grounds. Case-Laws Income Tax Thu, 31 Oct 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=761111