INCOME TAX ACT, 1961

Section 260A

Appeal (High Court) - Cash compensatory assistance and duty drawback - Substantial question of law -

The substantial question of law which arose for consideration was as to whether Tribunal was correct in holding that cash compensatory assistance and duty drawback was liable to tax receipt basis, and not on the accrual basis contrary to the view expressed by it in the case of the assessee for the assessment year 1994-95 and recorded a perverse finding. Held: The substantial question of law had already been answered against the revenue by this Court in CIT v. Asea Brown Boveri Ltd. (2020) 117 taxmann.com 415 (KAR) : 2020 TaxPub(DT) 2647 (Karn-HC). Therefore, appeal of Revenue was dismissed.

Followed:CIT v. Asea Brown Boveri Ltd. (2020) 117 taxmann.com 415 (Kar) : 2020 TaxPub(DT) 2647 (Karn-HC)

REFERRED :

FAVOUR : In assessee's favour

A.Y. :

INCOME TAX ACT, 1961

Section 260A

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