2019 (12) TMI 831

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....ant Mr. J. P. Khaitan, Sr. Advocate, Mr. Saumya Kejriwal, Advocate And Mr. Soumik Ghosh, Advocate for the revenue ORDER The Court: On 3rd December 2018 this appeal was admitted by this Court to be heard on two questions of law. Those are as follows: "(i) Whether under the mercantile system of accounting customs duty exemption of Rs. 124 crore was income of the year of incremental growth in Fo....

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....n the basis of incremental growth in FOB value of exports made during the financial year 2003-2004. The respondent assessee was following the mercantile system of accounting. It had accounted for the amount representing the exemption from duty in the accounts of the financial year in which the certificate was issued. This has been disallowed by the income tax authority. The Assessing Officer, th....