Court Rules Against Taxing Advance Payment u/s 33AB(7) of Income Tax Act; Deems Revenue's Action Inappropriate.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Applicability of section 33AB(7) - The provisions of section 33AB (7) uses the expression ‘being utilised’ - assessee had paid substantial portion of the proforma invoice value as advance before 31.3.2012 and had included the same in the utilization statement - action of the revenue in bringing to tax the deemed income in terms of section 33AB(7) deserves to be deleted - AT....