Supreme Court · 2013 INSC 689 · Decided 8 October 2013
Commissioner of Income Tax v. M/S Excel Industries LTD.
- Court
- Supreme Court of India
- Citation
- 2013 INSC 689 · [2013] 10 S.C.R. 490
- Case number
- CIVIL APPEAL No. 125/2013
- Decided
- 8 October 2013
- Bench
- RAJENDRA MAL LODHA, MADAN B. LOKUR, KURIAN JOSEPH (3-judge bench)
- Outcome
- Dismissed
- Case type
- Civil
- Acts & sections cited
- Income Tax Act Section 28(iv)
Headnote
Income Tax Act, 1961 - s.28(iv) - 'Advance licence C benefit' and 'duty entitlement pass book benefit' under import export policy - Taxability of - relevant assessment year - Whether the year of receipt of benefit or the year in which such benefits are actually utilized - Held: when it is accrued - Income tax cannot be levied on D hypothetical income - Income can be said to have accrued when it becomes due and is accompanied by a corresponding liability of the other party to pay the amount - The benefits in the present case could be hypothetical income until the goods
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